Earlier on the weekly spot nifty had broken from the Ichimoku Cloud resistance and made a high of 5348.55.The momentum was not sustained in follow up weeks and we see two weekly red candles on the chart. Spot nifty has entered the Ichimoku Cloud by breaking the support 5235 and closed the week at 5205.10. Spot nifty needs to cross the level of 5235 to be positive for the expiry week. Below this level of 5235 it is suspectible to lower levels of 4942 of Ichimoku cloud support on weekly charts. On daily the Ichimoku clouds show supports of 5050-5030(not shown).RSI has gone below 70 levels on weekly charts and is falling down which needs to be looked at to judge the trend further. Intraday traders can look at the levels on spot nifty given below to trade on 23.07.2012.
No trade between 5187 and 5223(To avoid whipsaw)
Buy above 5223 sl of 5203
targets 5241-5277(add positions breakout on the upside)-
5295 -5313-5331-5349-5367.
Sell below 5187 sl of 5207
targets 5169-5151(add positions breakout on the downside)
5133-5115-5097-5079-5061.
Happy Trading !!!
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