Nifty View for 11.01.2011

Today was a day of bulls on rampage and they were relentless from the word go.What a breakout on Nifty its a dream come true for the beaten stocks which have been battered for days.Its looks we have completed a bottom making formation on Nifty for the time being.Nifty has taken the two resistance lines mentioned yesterday with a gap up.Its a common observation on Nifty that day resistances are taken out at opening with gap ups.Yesterday it was observed that a breakout was possible on nifty and nifty today obliged us.Those readers who follow my blog must have benefited from it if they had acted on it.Nifty range was from 4500 to 5100 roughly so 4800 the 50% level was the hurdle.Now it may become the support as marked on chart.Watch the fibo circles which give supports and resistance on the chart.In the past we have two gaps where we may face resistance on the upside shown in chart.Positional traders may look at the levels marked on chart and trade accordingly.Intraday traders can look at the levels given below for trade on spot nifty for 11.01.2012.

Spot Nifty levels for intra-day trade on 11.01.2012
No trade between 4832 and 4867(to avoid whipsaws)
Buy above 4867 with SL of 4847  
for targets of 4884-4901(breakout  level on the upside,add positions) 4918-4935-4952-4969-4986-5003.

Sell below 4832 with SL of 4852 
for targets of 4815-4798(breakdown level on downside, add positions)-4781 -4764-4747- 4730- 4713-4694.
Happy Trading !