Nifty View for 14.05.2012

Nifty has given a weekly close below 5000 mark at 4928.90.Its been a good correction from 5630 to 4909.15 nearly 700 points for a rise of 1100 points.Above chart show the bull's failure levels.Bulls failure because see the bears have matched the bulls power with equal amount at both the levels and have been successful to take the price down effectively.Nifty could not close above these levels thereafter.Fibonacci time periods show we are near critical time period from where reversal is possible.Money Flow Index shows buying happening at lower levels. Intraday traders can look at the levels below on spot nifty to trade on Monday

No trade between 4911 and 4947(To avoid whipsaw)

Buy above 4947 sl of 4927

targets 4965-4983(add positions breakout on the upside)

5001-5019-5037-5055-5073

Sell below 4927  sl of 4947

targets 4909-4891(add positions breakout on the downside

4873-4855-4837-4819-4801.

Happy Trading !