Nifty View for 16.01.2012

Nifty has closed above 4850 which is positive close.The close at 4866 is a close at the level after one month on the spot nifty.The day was volatile as being last trading day of the week.Nifty made a new high for this swing which is to be noted.Positional short call was given yesterday with stop loss of 4880 which was triggered today.Now positional traders can long above 4880 with stop loss of 4850 with 4950 as first target. Intraday traders would have been in profits with buy at 4850 and third target(4901) was nearly achieved or stop loss at 4884 being triggered for intraday.What is amazing about this rally is the momentum indicator is not showing any support and it is still moving down.The positive DI and negative DI are moving sideways with regular whipsaws.It shows no strength for the move but one needs to accept the fact that price is moving up.So lets enjoy the ride by keeping in mind the observations.Intraday traders can look at the levels given below for trading on 16.01.2012 on spot nifty.

Spot Nifty levels for intra-day trade on 16.01.2012
No trade between 4849 and 4884(to avoid whipsaws)
Buy above 4884 with SL of 4864  
for targets of 4901-4918(breakout  level on the upside,add positions) 4935-4952-4969-4986-5003-5020.

Sell below 4849 with SL of 4869 
for targets of 4832-4815(breakdown level on downside, add positions)-4798 -4779-4762- 4745- 4728-4711.
Happy Trading !