Nifty is again moving in a tight range and side ways after the move of 100 plus points.Its a pause at the higher end depicting a resistance at the 4880 level.It should move above the 4900 mark to move further.If it corrects from here we have 4840 and 4800 as supports.For momentum it should gap up again above this resistance.If it does not cross tomorrow the 4900 level we may see some correction Positional traders can look 4850 as stop loss level for longs.The ADX indicator shows the positive DI above negative DI which some consolation for the day.The ADX green line should turn up to see further gains.Intraday traders can watch the levels to trade on spot nifty for 12.02.2012.
Spot Nifty levels for intra-day trade on 12.01.2012
No trade between 4843 and 4878(to avoid whipsaws)
Buy above 4878 with SL of 4858
for targets of 4895-4912(breakout level on the upside,add positions) 4929-4946-4963-4980-4997-5015.
No trade between 4843 and 4878(to avoid whipsaws)
Buy above 4878 with SL of 4858
for targets of 4895-4912(breakout level on the upside,add positions) 4929-4946-4963-4980-4997-5015.
Sell below 4843 with SL of 4863
for targets of 4826-4809(breakdown level on downside, add positions)-4794 -4777 -4760- 4743- 4726-4709.
Happy Trading !
for targets of 4826-4809(breakdown level on downside, add positions)-4794 -4777 -4760- 4743- 4726-4709.
Happy Trading !
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