NIfty View for 27.12.2011

Nifty momentum is waning with no volume to pull it up in markets.Still a positive close is what counts at the end of the day.Nifty has targets of  4830 with pivot at 4760 and support at 4690.The trend is positive above 4760 and one can look to book profits for longs at least once around 4830 on spot nifty.Below 4760 the trend is down for expiry and targets of 4690 can again be reached for positional traders.The above chart shows the price action of  this up move with arc of the circle forming supports.Nifty is positive and will maintain the momentum on the upside till it is within this curve for the expiry.Intraday traders can use the levels given below for trades on 27.12.2011 for spot nifty.

Spot Nifty levels for intra-day trade on 27.12.2011
No trade between 4762 and 4796(to avoid whipsaws)
Buy above 4796 with SL of 4776  
for targets of 4813-4830(breakout  level on the upside,add positions) -4847-4864-4881-4898-4915-4932.
Sell below 4762 with SL of 4782 
for targets of 4745-4728(breakdown level on downside, add positions)-4711 -4694 -4667 -4650- 4633- 4616.
Happy Trading !