Nifty F&O Strategy : March 18,2008

Is it safe to trade in Nifty at these levels ?

At the time of writing this blog entry NIFTY is trading with a premium in the march futures market at 4550 as against the spot price of 4535. Is this the sign of next up move atleast for the rest of the day.

Here is my strategy for today.

Buy march futures above (1 Lot - 50) @ 4500
Square Off @ 4550 which is day's high so far.
Limit Order - Square off @ 4480 to book the loss

target : net net 2000 INR in case profit, 1000 INR in case loss

What's ur strategy ? leave the comments.