Nifty is facing resistance at the 4880 level period.For any postiveness to continue it should have moved above this level today.Nowadays nifty is always precariously placed for Friday set-up with weekly profit booking bringing the nifty down for the weekly close.Will it be the same on Friday again.I do not know for sure but the set-up looks ideal.ADX indicator shows no strength for the up move with postive DI and negative DI at crossroads and momentum indicator is still slopng down Positional traders were advised to keep stop loss of 4850 those who could follow the same are out of the longs now.Tomorrow one can look to short below 4850 with stop loss of 4880.Intraday traders can look for levels below to trade on spot nifty for 13.01.2012.
Spot Nifty levels for intra-day trade on 13.01.2012
No trade between 4814 and 4850(to avoid whipsaws)
Buy above 4850 with SL of 4830
for targets of 4867-4884(breakout level on the upside,add positions) 4901-4918-4935-4952-4969-4986.
No trade between 4814 and 4850(to avoid whipsaws)
Buy above 4850 with SL of 4830
for targets of 4867-4884(breakout level on the upside,add positions) 4901-4918-4935-4952-4969-4986.
Sell below 4814 with SL of 4834
for targets of 4797-4780(breakdown level on downside, add positions)-4763 -4746 -4729- 4712- 4695-4678.
Happy Trading !
for targets of 4797-4780(breakdown level on downside, add positions)-4763 -4746 -4729- 4712- 4695-4678.
Happy Trading !
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