Nifty opened gap down today at 4967.60 and tried to recover with a high of 5016.25 and then slipped down again to low of 4956.45 and closed the day at 4974.80.The trend is down and could turn more nasty if there is no recovery soon.Nifty could move the levels of 4800 a top made on 27.12.2011.On the charts nifty price has clearly moved out of the fibo fans supports.The 61.8% level of retracement from top comes to 4951 which is were we took support.The next fibo level comes at 78.6% at price of 4767.We need a gap up opening tomorrow with the gap acting as support till friday for the bulls to regain the lost ground.Another gap down will be accelerate the fall with gap acting as resistance.Intraday traders can look at levels on spot nifty to trade on Thursday.
No trade between 4957 and 4992(To avoid whipsaw)
Buy above 4992 sl of 4972
targets 5010-5028(add positions breakout on the upside)
5046-5064-5082-5100-5118
Sell below 4957 sl of 4977
targets 4939-4921(add positions breakout on the downside
4903-4885-4868-4850-4832.
Happy Trading !
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