Nifty update for 23-03-2010

NMA Indicator is still showing bullishness of Nifty

Nifty Trend based on Option Analysis. 

The probability of going up is 28.28 % and going down is 71.73 %

TREND IS DOWN

Nifty ROC2 : daily basis

Short can be done if Nifty is unable to sustain above 5303.5 on daily basis.

Trading as per Elliot Wave Theory

Go Long at / above 5187.05. Keep Stoploss at 5181.86. Target 1 is 5215.27.
Go Long at / above 5197.83. Keep Stoploss at 5181.86. Target 2 is 5233.75.
Go Long at / above 5211.51. Keep Stoploss at 5197.83. Target 3 is 5257.18.

Intraday Calculation Based on Volatility
Sell at / below 5224 for following Target and stoploss
Target 1 : 5187.53 Target 2 : 5175.29 Target 3 : 5163.06 Target 4 : 138.58
Target 5 : 5126.35 Stoploss : 5212

My Trading Style

Nifty's pivot point is 5214.
If Nifty is staying above 5212 then first target is 5246 and second target is 5288. After rise if Nifty unable to stay above 5246 then short can be initiated at 5236 with stop 5246.
If Nifty is staying below 5198 then first target is 5164 and second target is 5140. After fall, if Nifty stays above 5198 then long can be initiated at 5174 with stop 5166.

Best of luck.