Nifty Technical Levels for 12 May

By | May 12, 2011

Nifty Hourly

Nifty Houlry chart has been trading in a range of 5503-5492 for this week.A sideways move after 9 days of correction we saw.

As I have pointed in Weekly Analysis that 5595(Weekly Pivot) is am Important level which should be crossed for market to move till 5630 levels.Nifty is unable to cross this level in past 3 days.

 

On Hourly charts downside protection is coming at 5503-5515 levels.

Traders should trade the range of 5510-5590 till market does not break the range.

Break of 5595 is important for Bulls and Break of 5500 will give upper hand to bears.

 

Nifty Daily

Nifty daily is showing a  Bearish flag formation on daily chart which will come in effect if 5443 gets broken.

Daily we are seeing range bound trades from 5503-5592 and a break of the range only can give good move on either side.

Levels to Watch out for todays trade

Buy 5554.9 Tgt 5574.70,5584.8,5604.6 and 5634.5

 

Sell 5550 Tgt 5535.1,5525,5505 and 5485.4

 

Levels mentioned are Spot Levels

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