Yesterday we had a anticipated fall so hope all made good use of it.What an example of uncertainty and volatility of markets.In markets we require patience for targets and proper risk management works like magic.Never haste to make trades.Donot rush to trade in between the trade levels as markets are there for eternity.Every day is an opportunity so be unbaised with your view and trade with the trend.Analysis is one thing but its implementation is rather difficult.One needs to do proper balance of the trading capital available with sound risk management.Also hedging your positions can be a solution to such wild swings.Now what for today,We had a triple bottom at 4930 odd levels in last five trading days.we had a similar triple bottom in the past between 12.09.2011 to 14.09.2011.The current down move will now challenge the big gap of 01.12.2011.We are in the zone of faster retracement where movements are very fast and a small mistake can make a huge dent on your trading capital.The levels to watch are 4917-4864-4810-4755 for this down move by positional players.The level of 4904(our last level for yesterday) can be used to cover the positional shorts.Fresh shorts below 4891(breakout on the downside) can be executed with stop loss of 4926 by positional players. Also keep watch on the level of 4869.50(50% level) on the spot nifty for a good bounce back upto 4933-4983 levels, if it goes there(This may materialise or not,just pure anticipation on my part) . For the intra day players the levels given may be followed as per our normal strategy.
Spot Nifty levels for intra-day trade on 09.12.2011No trade between 4926 and 4961(to avoid whipsaws)
Buy above 4961 with SL of 4941 for targets of 4979-4997-5014-5032-5050-5067-5085-5103.
Sell below 4926 with SL of 4946 for targets of 4909-4891-4874-4856-4839-4821-4804-4787.
Happy Trading !
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