Nifty (Spot EOD) on 03/02/11 - 5528, 10/02/11 5225(last low) 17/02/11 -5538 on 04/03/11 - 5538 ,on 09/03/11 - 5531 more or less it is unable to cross 5545 for nearly a month so can it be taken as resistance. And for range 5545-5225, if we take retracement,fridays close comes to nearly 38.2 % so can we take this as BEARISH.
SGX nifty closed at 5481,so nifty might also open close to that area,probably (5458-5472) and if nifty comes below 5445 in 1-2 hours then my bearish view will be strengthened for my target of 5288 in coming days.suppose if nifty spot trades above yesterday's high of 5502 I will turn bullish.
Previous week I was talking about the crucial support zone for bulls as (5466-5485),which was piersed by bears on friday and closed below it.Now this zone will act as resistance for the week starting 14th March.I will go long in Nifty only if it "closes" above this zone for a target around 200Sma/5758.
Week pivot zone=(5458-5472) "If stays above this zone go long and vice versa."
Trading strategy for Monday:
Sell below 5471 for a target of 5447/5420 with SAR at 5496
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