Nifty has given a break out on the downside with the break of 4888.Now we have another gap to close which will act as a resistance.On the chart 4905 was the level of support on spot nifty which will act as resistance now.Still nifty is within the channel which is some what heartening and gives hope of some recovery.Today was an example when major support cannot be taken out in trading such supports are taken with gap downs.This also happens on the upside with resistances taken out with gap up.The trend is down with channel support as targets.On upside it should clear 4905 and close above 4950 to move further upside.
LEVELS OF SPOT NIFTY FOR INTRADAY ON 04.10.2011No trading zone between 4832 to 4867 to avoid whipsaws.
Buy above 4867 with SL of 4852 for targets of 4884 - 4902 - 4919- 4937
Sell below 4832 with SL of 4847 for targets of 4815 - 4797 - 4780- 4763
Happy Trading !
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