Nifty is facing hurdle around this level of 4800-4830 and has been resisted many many times in the past.One should note as a resistance is being hammered repeatedly it becomes weak and possibility of it being overtaken increases.So bears beware of it.Nifty is bouncing from a major low and 50% level is a normal resistance.Once overtaken can charge quickly to 61.8 % levels.Nifty looks locked between the 38.2% and 50% levels for three days and seems consolidating in this range.Breakout on either side will define the targets for this expiry.Advised traders to book longs around 4830 those who book profits may be relieved after the fall today.Expiry range looks between 4850 and 4650 if no breakout from this range is seen.Positional traders may take rest now as 4830 is almost achieved and can look to enter again above 4850 or close above 4830.Intraday traders had chances both sides today with stop loss being hit on upside but would have recovered the losses in reverse trade below 4766 and ended with some profits.Intraday traders can follow the levels given below for trade on spot nifty for 28.12.2011.
Spot Nifty levels for intra-day trade on 28.12.2011
No trade between 4733 and 4768(to avoid whipsaws)
Buy above 4768 with SL of 4748
for targets of 4785-4802(breakout level on the upside,add positions) -4819-4836-4853-4870-4887-4904.
Sell below 4733 with SL of 4753
No trade between 4733 and 4768(to avoid whipsaws)
Buy above 4768 with SL of 4748
for targets of 4785-4802(breakout level on the upside,add positions) -4819-4836-4853-4870-4887-4904.
Sell below 4733 with SL of 4753
for targets of 4716-4699(breakdown level on downside, add positions)-4682 -4665 -4648 -4631- 4614- 4597.
Happy Trading !
sir i have booked my profits now i am not daring to do day trading also i am in mumbai from 29th to 1st jan so no positions and everyday evening i wait to c what u have written admire ur writing very much today also daily chart shown fantastic head and shoulder pattern before falling down drastically and same happened inverse head and shoulder and bounce back....daily basis nifty future ...all these learnt from u
ReplyDeleteHi Doc,
ReplyDeleteThanks for your kind words.Love people following me rigorously with belief in my analysis.Hope to continue this in future.Lets meet in Mumbai if possible.
Regards
K B Raut