Nifty View for 06.02.2012

Nifty has crossed the 5300 marked comfortably today and given a good weekly close at 5325.Nifty has also achieved our intermediate positional target of 5315.Closing above our positional target gives nifty a chance to try the level of 5400.For that it needs to sustain above 5315.Break of 5300 will exhibit first sign of weakness for nifty.Those who are long positionally can keep stop loss of 5300 for longs.They can also enter again above 5315 if it comes up again after breach of 5300 keeping the same stop loss of 5300 again.Chart shows potential fibo targets both upwards and also downwards.Keep trailing stop loss for all longs as per your risk as the down move if it comes will be very swift and possibly sizeable.Follow the trend do not question the trend "How Long" and "How much" and let the trend decide when it will reverse.Intraday traders have also been in good profits in today's move.For Monday intraday traders can look for the levels on spot nifty given below.

Spot Nifty levels for intra-day trade on 06.02.2012
No trade between 5308 and 5344(to avoid whipsaws)
Buy above 5344 with SL of 5324 
for targets of 5362-5381(breakout  level on the upside,add positions) 5399-5417-5436-5454-5473-5491.

Sell below 5308 with SL of 5328 
for targets of 5290-5272(breakdown level on downside, add positions)-5253 -5235-5216- 5199- 5181-5163.

Happy Trading !