Nifty View for 19.01.2012

Nifty faced resistance at 100 EMA and is in the ichimoku cloud.It needs a move above the cloud to build further momentum i.e. above 4965 on spot nifty.If it clears the hurdle it may reach the 200 EMA level of 5135.If it moves down then the supports are at 4836 and 4756.Positional traders needs to wait for further entry after being stopped out today.If it breaks above 5000 then enter with a stop loss of 4980 for targets of 5034-5078-5135.Below 4895 it may touch 4865- 4836-4785.It may be noted that nifty was resisted at this juncture in earlier move.So one needs to wait patiently for the markets to make a move.Intraday traders can look at the levels given below for trade on spot nifty for 19.01.2012.

Spot Nifty levels for intra-day trade on 19.01.2012
No trade between 4938 and 4973(to avoid whipsaws)
Buy above 4973 with SL of 4953  
for targets of 4990-5007(breakout  level on the upside,add positions) 5024-5041-5058-5075-5092-5119.

Sell below 4938 with SL of 4958 
for targets of 4921-4904(breakdown level on downside, add positions)-4887 -4870-4853- 4836- 4819-4802.
Happy Trading !