Google+ NIFTY INTRADAY VIEW FOR 03-16-2010 ~ NIFTY DEMYSTIFIED

Tuesday, March 16, 2010

NIFTY INTRADAY VIEW FOR 03-16-2010

As discussed yesterday, Nifty bounced from 5110/5100, support zone provided on last post. 5125 proved to be a pivotal zone, and I feel it'll continue to be like that, but may be from intra-day perspective. Nifty still can't manage to go above 5165/75 zone, so will stick to the view booking profit and intra shorts on any upside ti;; closes above 5175 (will consider the fib level on closing basis).
Supports: Nothing much to look at from intra-day perspective as range is getting narrower everyday. 5125 will again as immediate support and below that 5100-5085/80 will be targeted again. further downside can bring 5060/55-5020 to decide further movement.
Resistances: Sustaining above 5025 can bring 5155 initially and then decide the course of the day. But will advice to avoid these micro moves rather than concentrating on positional levels (only because the range is so sticky). 5165/75 remains the main level. Above that 5195-5215/20 can come in no time.
Be patient and proper trading opportunity will come, impulse can hit your s/l both way in such a narrow movement.

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