Nifty is still eluding the 4750 close on spot.Friday was a profit booking day with markets opening gap up and not able to sustain it.Spot nifty closed at 4714.85.The 4750 hurdle was crossed today in open but no close above.We have had two consecutive close above 4700 which shows the market wants to move up but is currently lacking strength.The Force Index should change colour for momentum as shown in charts.Positional traders need to sweat out for the major part of this rally yet.But discipline and patience are the key to success here.The resistance above 4750 are 4820 and 4915 on spot nifty.Next week being expiry the centre of the range of 5100 and 4530 at 4815 seems achievable.Anything above that is bonus for traders.Intraday traders can use the levels given below .
Spot Nifty levels for intra-day trade on 26.12.2011No trade between 4717 and 4751(to avoid whipsaws)
Buy above 4751 with SL of 4731 for targets of 4768-4785(breakout level on the upside,add positions)-4802-4819-4836-4853-4870.
Sell below 4717 with SL of 4737 for targets of 4697-4682(breakdown level on the downside, add positions)-4665 -4648 -4631 -4614- 4597- 4580.
Happy Trading !
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