Nifty trading has been very volatile for this month with unusual gaps on both sides up and down trapping positional traders.One needs to play cautiously in Nifty these days with strict intra-day view only.Sometimes it happens that all the levels given are surpassed either on the upside or on the downside.On such days the volatility is high and safe traders need to stay out of markets.Nifty was resisted at 50% level on Friday at 4950 odd.The level could not be sustained and eventually we closed below the 4900 level again at 4888.10.We have support at 4830 and resistance at 5030.In this range we can trade for intra-day.Gap up or Gap down can change the range so be cautious.
LEVELS OF SPOT NIFTY FOR INTRA-DAY ON 07.10.2011No trading zone between 4871 to 4906 to avoid whipsaws.
Buy above 4906 with SL of 4891 for targets of 4923 - 4941 - 4958- 4976
Sell below 4871 with SL of 4886 for targets of 4853 - 4836 - 4818- 4801
Happy Trading !
Thanx for the update.
ReplyDeleteCan breakout/down for these levels 4943 & 4835, be a new move for a short term??
Regards
Hi San,
ReplyDeleteWelcome back.Always happy to hear from you.Tomorrow's low is important and should not break 4830 odd levels on close.Enjoy the channel range established for quick gains and add on for breakout on either side.
Regards
K B Raut
Dear Sir,
ReplyDeleteGap at 4827 should be support and rightly pointed out by Trend line.
20 SMA also at 4955 and last weekly candle was NR7 so big move coming this week..
Hi Bramesh,
ReplyDeleteThanks for the update.
Regards
K B Raut