Nifty View for 20.01.2012

Nifty is moving up slowly towards our target of 5076 given on 14.01.2012 as per Nifty Cycle update.Looking at the chart nifty looks in strong hands and has just popped its head out from the ichomoku clouds.As per the system its a buy as its a breakout.Caution is advised as in earlier trend high nifty could not sustain above the ichimoku clouds.As we passed the 100 EMA  ideal target of 200 EMA at 5131 on spot nifty.The ADX indicator is now supporting the move as can be seen from the chart.Positional traders are long as per call given yesterday and the targets given are valid for this up move.Still one needs to be cautious and work with strict stop losses after such a run up and expiry looming overhead as swings on both sides will be seen from now on.Positional traders are advised to keep small targets and book profits regularly hereon.Intraday traders can look at levels given below on spot nifty for trading on 20.01.2012.

Spot Nifty levels for intra-day trade on 20.01.2012
No trade between 5001 and 5036(to avoid whipsaws)
Buy above 5036 with SL of 5016  
for targets of 5054-5072(breakout  level on the upside,add positions) 5089-5105-5123-5140-5158-5175.

Sell below 5001 with SL of 5023 
for targets of 4984-4967(breakdown level on downside, add positions)-4950 -4932-4915- 4897- 4880-4862.
Happy Trading !