Nifty today opened at 4797 to make a low of 4770.35 and after some initial hiccup made a good recovery by making a high of 4858.30 to close the day at the higher end of the rise at 4848.15. In all it made good the losses of opening low and closed with a small gain of 7 points on the spot. In the nifty futures chart we have the channel resistance at 4855. If nifty sustains above it we may reach 4910. On the upper side we have strong resistance at 4910-4933-4955 levels.For the rise to continue nifty should move along the small rising channel on charts.Intraday traders can look at the spot nifty levels given below to trade on 05.06.2012.
No trade between 4831 and 4866(To avoid whipsaw)
Buy above 4866 sl of 4846
targets 4884-4902(add positions breakout on the upside
4920-4938-4956-4974-4992.
Sell below 4831 sl of 4851
targets 4813-4795(add positions breakout on the downside)
4777-4759-4741-4723-4705.
Happy Trading !
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