Nifty View for 05.01.2012.

Nifty was sideways today between the range of 4782 and 4728 of 60 points roughly.Its consolidated after the up move of  120 points earlier.So we retraced 50% of the move which is normal.Spot nifty is positive above 4728 with targets of 4815 on the upside and targets of 4693 on the downside.Positional traders were stop lossed today as the close is below 4750.They need to wait for cross of 4750 again for upper target.If it sustains below 4750 it may again test 4728 and 4693 on the downside.On the chart above the levels are marked for reference.The positive aspect of the chart is we are at the borderline or line of control between bulls and bears.The Ichimoku clouds are descending on the chart are very near the price action.The cloud zone is the turbulent zone with the lower and upper level acting as resistance.Once above the clouds spot nifty will pick up momentum.Positional traders may trade as per the above view.Intraday traders can look for the levels given below to trade on spot nifty for 05.01.2012.

Spot Nifty levels for intra-day trade on 05.01.2012
No trade between 4733 and 4767(to avoid whipsaws)
Buy above 4767 with SL of 4747  
for targets of 4783-4799(breakout  level on the upside,add positions) 4816-4833-4850-4867-4884-4903.

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 !