Thursday, September 8, 2011

NIFTY VIEW FOR 09.09.2011


Nifty was resisted today at 5169.25.Now we have resistance at 5185(135 degrees).Its important that we closed above 5141(90 degrees).We need to take out 5185 up to  Monday 12/09/2011 to keep the momentum going. A weekly close above 5185 will send strong signals about the move. Positional traders who entered in the correction from 5113 to 4943 can book profits at 5185 levels. Why is 5185 important? Its important because we tried to go above for 5 days from 03/08/2011 gap down but failed to cross it. This resistance will take some time to cross it. To make it easy for nifty to cross this resistance we need a gap up opening and nifty has provided some examples in past. Also Friday being last trading day positional traders may book their weekly profits and play safe. Now it is imperative for the bulls to see a strong weekly close on nifty.
Levels to watch on Spot Nifty :
No trading zone between 5187 to 5151 to avoid whipsaws.
Buy above 5187 with SL of 5172 for targets of 5205 - 5223 - 5241- 5267
Sell below  5151 with SL of 5166 for targets of 5133 - 5115 - 5098 - 5073
Happy Trading !

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2 comments:

  1. SandeepSeptember 9, 2011 at 8:22 AM

    Dear Sir,

    Nice readings and observations!

    Regards

    Sandeep

    ReplyDelete
  2. Gann School of TradingSeptember 9, 2011 at 12:43 PM

    Thanks San,

    Welcome to blog.U can shoot ur comments here anytime.

    Regards

    K B Raut

    ReplyDelete

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