Nifty is at a critical juncture as shown in above chart.It hit the upper band of i-regr channel at 5628 on 22.02.2012 and being reversing from there.It has hit an important level at 5156 on 29.03.2012 and trying to reverse from there after hitting an important level of 5313.The 5313 is critical level for nifty below which we may move downwards to 5156 level again.Below 5156 the next important level is 5000.If we sustain above the 5313 level we may have targets of 5469 as shown in charts.Intraday traders can look at levels on spot nifty given below to trade on 09.04.2012.
Spot Nifty levels for intra-day trade on 09.04.2012
No trade between 5305 and 5341(to avoid whipsaws)
Buy above 5341 with SL of 5320
for targets of 5359-5378(breakout level on the upside,add positions) 5396-5414-5432-5450.
Sell below 5305 with SL of 5325
for targets of 5287-5269(breakdown level on downside, add positions)5251-5233-5214-5197.
No trade between 5305 and 5341(to avoid whipsaws)
Buy above 5341 with SL of 5320
for targets of 5359-5378(breakout level on the upside,add positions) 5396-5414-5432-5450.
Sell below 5305 with SL of 5325
for targets of 5287-5269(breakdown level on downside, add positions)5251-5233-5214-5197.
Happy Trading !
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