NIFTY VIEW FOR 27.01.2012

What a cracking expiry on Nifty on close at 5158.30.The bears may be thinking "Why this kolavari di".Jokes apart bulls have been relentless in this expiry and successful put writing was seen from 4500-5100 in all seven series.We are at the LOC as shown in chart.It will be make or break for Nifty.We will not rush into in it for taking positions but patiently wait and watch.The 5200-5225 seems to be the resistance zone.We need a weekly close above the channel or at least four daily close above it to confirm the move.We need to see if any distributive pattern is formed at the top of channel.On the ADX the positive DI line has nearly reached the 40 level which is a formidable level.."The move may face resistance nearing the 40 level mark. Also the positive DI must remain above the negative DI and also remain above the trendline shown in the above chart to achieve the targets "I had observed this on 18.01.2012 post.Now we are there so we need to observe the ADX indicator for change in trend.Trend is up with no reversal yet.Positional call is booked at 5131 and we wait for confirmation of trend with patience and discipline.Our unique trading trading system call is still open from 4905 and no signal to sell yet .Intraday players can look at the levels on spot nifty to trade on 27.01.2012.

Spot Nifty levels for intra-day trade on 27.01.2012
No trade between 5140 and 5176(to avoid whipsaws)
Buy above 5176 with SL of 5156 
for targets of 5194-5212(breakout  level on the upside,add positions) 5230-5248-5267-5285-5303-5321.

Sell below 5140 with SL of 5160 
for targets of 5122-5104(breakdown level on downside, add positions)-5086 -5069-5051- 5034- 5015-4997.

Happy Trading !