Nifty update for 12-03-2010

Are Option Traders expecting upward movement of the Nifty? 

Daily Indian VIX Chart showing upward signal, Therefore be cautious.

Nifty Trend based on Option Analysis : Down

The probability of going up is 44 % and going down is 56.01 %

Trading based on ROC-2.

Buy Nifty above 5084.35.

Trading as per Elliot Wave

Go Short at / below 5152.6. Stoploss at 5157.75. Target 1 is 5121.39.
Go Short at / below 5140.68. Stoploss at 5157.75. Target 2 is 5116.13.

Intraday Calculation Based on Volatility
Buy at / above 5127.35 for following Target and stoploss
Target 1 : 5127.68 Target 2 : 5140.47 Target 3 : 5153.26 Target 4 : 5178.84 Target 5 : 5191.63
Stoploss : 5102.1

My Trading Style

Nifty's pivot point is 5130.

If Nifty is staying above 5138 then first target is 5157 and second target is 5180. After rise if Nifty unable to stay above 5157 then short can be initiated at 5156 with stop 5165.

If Nifty is staying below 5129 then first target is 5107 and second target is 5079. After fall, if Nifty stays above 5107 then long can be initiated at 5110 with stop 5105.

Best of luck.

Please comment on my post.