Spot Nifty has retraced to 78.6% level of 4588 an important Fibonacci level and closed at the higher end of the daily candle.So today bulls have been able to defend the low of 4588 and push the price up to a close higher than friday which is important.The only fact which needs now to be seen on Nifty is to make higher high and higher low to ascertain a change in trend for the short term.Positional traders who are short should look to book profits at each lower low to book profits on their shorts.Spot Nifty is above the 4628 mark is good for short term and chances of reversal are high from this level.On the chart above the Ichimoku Cloud is shown.The 9 day pink level has turned upwards for the first time and indicates a level of 4692 which seems achievable if it sustains above 4624.On breaking this level on the upside we have the orange level of 20 day average at 4752 as resistance.The cloud bottom and top are at 4754 and 4964.Also the 26 day average green line at 4815.In all above 4692 there is a strong resistance at 4750 odd level on spot nifty.Positional traders can long above 4650 with stop loss of 4600 for targets of first 4672 and next 4750 where we may see some consolidation on spot nifty.Intraday traders can use levels given below to trade on 03.01.2012 on spot nifty.
Spot Nifty levels for intra-day trade on 03.01.2012No trade between 4620 and 4654(to avoid whipsaws)
Buy above 4654 with SL of 4634
for targets of 4671-4687(breakout level on the upside,add positions) -4704-4721-4738-4755-4772-4789.
Sell below 4620 with SL of 4640
for targets of 4603-4586(breakdown level on downside, add positions)-4569-4552 -4535 -4518- 4501- 4484.
Happy Trading !
@sir,
ReplyDeleteWish you a very Happy New Year ahead and may your desire fulfills.
Excellent analysis. Thanks
Hi San,
ReplyDeleteWish you and your loved ones a very happy and prosperous new year ahead.Thanks for your kind words.Its always a feel good factor after the efforts put in here to hear such words from followers.Have a great trading day ahead...
Regards
K B Raut
Hi,
ReplyDeletehow can we track the movement of the nifty on hourly basis and also by seeing that how can we take a call whether to go long or short on hourly basis.. plz let me know.
thks,
Hi Vintech,
ReplyDeleteAnalysis is a skill set which one develops through experience.I through my experience have developed those things.For this I have developed a unique trading system devoid of indicators which works on any time frame to give early buy and sell entries without any confusion.The course is only for Rs 6000/- currently as it is on inaugral basis.
Apart from that if you are not inclined for the doing the same please let me know the trading parameters you use personally to trade.After studying the same I may be able to guide you further because it depends on time frame(hourly as you mentioned) but I would like to know your risk profile before giving any advise.
Regards
K B Raut