Nifty Update for 22-03-2010

Nifty Trend Based on Option Analysis : TREND IS DOWN

The probability of NIFTY is going up is 33.91 % and going down is 66.1 %.

Nifty ROC2 : daily and weekly basis

ROC2 Daily

ROC2 Weekly

Long can be taken if Nifty is able to sustain above 5215 on daily basis and 4963 on weekly basis.

Trading as per Elliot Wave Theory
Go Short at / below 5269.95. Stoploss at 5275.21. Target 1 is 5249.64.
Go Short at / below 5262.19. Stoploss at 5275.21. Target 2 is 5246.23.

Intraday Calculation Based on Volatility
Buy at / above 5253.52 for following Target and stoploss
Target 1 : 5260.96 Target 2 : 5272.9 Target 3 : 5284.83 Target 4 : 5308.7
Target 5 : 5320.64 Stoploss : 5237.1

My Trading Style

Nifty's pivot point is 5258.
If Nifty is staying above 5265 then first target is 5280 and second target is 5291. After rise if Nifty unable to stay above 5280 then short can be initiated at 5278 with stop 5285.
If Nifty is staying below 5260 then first target is 5244 and second target is 5225. After fall, if Nifty stays above 5244 then long can be initiated at 5246 with stop 5238.

Best of luck.