Nifty opened today with a gap up at 4886.65 and moved up for rest of the day to make a high at 5010.45 on spot nifty. Spot nifty closed the day at 4997.10 with huge gains for the day. We are now in striking distance of earlier high of 5020.15. The 26 day Base line shown by Ichimoku Indicator shows the current resistance at 5023. Spot nifty has failed to sustain above it for last three ocassions on 03/04/2012, 19/04/2012 and 02/05/2012. On 29/05/2012 it could not touch it. Today we again near at it. Also the GMMA averages show resistance at 5052. In all the levels of 5023 and 5052 are to be watched carefully on spot nifty. Intraday traders can look at the levels on spot nifty given below to trade on Thursday.
No trade between 4979 and 5015(To avoid whipsaw)
Buy above 5015 sl of 4995
targets 5033-5051(add positions breakout on the upside
5069-5087-5105-5123-5141.
Sell below 4979 sl of 4999
targets 4961-4943(add positions breakout on the downside)
4925-4907-4889-4871-4853.
Happy Trading !
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