Nifty has had another higher close but without a new high.Spot nifty is positive above 4856 with supports at 4837 and 4798.The trend is positive till it is above the 4754 level. Positional traders can be long above 4850 with 4820 as stop loss for targets of 4955-4989-5044.Spot Nifty is not showing any momentum with the ADX indicator still having its head down.Also the positive DI and negative DI are still not giving any clear signals.The fibonacci projections show the levels of 4958-5021-5123 as shown in chart.It should break above 4900 for any momentum else it will be still in range of 4820-4920.Intraday traders can look at the levels given below for trade on spot nifty for 17.01.2012.
Spot Nifty levels for intra-day trade on 17.01.2012
No trade between 4856 and 4891(to avoid whipsaws)
Buy above 4891 with SL of 4871
for targets of 4909-4926(breakout level on the upside,add positions) 4943-4960-4987-5004-5021-5038.
No trade between 4856 and 4891(to avoid whipsaws)
Buy above 4891 with SL of 4871
for targets of 4909-4926(breakout level on the upside,add positions) 4943-4960-4987-5004-5021-5038.
Sell below 4856 with SL of 4876
for targets of 4839-4822(breakdown level on downside, add positions)-4805 -4788-4771- 4754- 4737-4720.
Happy Trading !
for targets of 4839-4822(breakdown level on downside, add positions)-4805 -4788-4771- 4754- 4737-4720.
Happy Trading !
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