Nifty View for 13.12.2012

Nifty Futures closed today at 5714.90 after moving in a range of 40 points. Nifty futures have been portraying a sideways correction and its been a time correction yet. Whenever we have such correction/consolidation we can be sure the breakout/breakdown will be a vicious one. The trend is bullish till the green channel is held. Its sideways in the voilet channel  The break of voilet channel will be decisive for   short/medium term depends on how the levels are achieved. The break of the yellow channel will decide the long term trend. So till it is within this green channel there is hope for the bulls in short term. Nifty futures have held the downside levels very well. The level of 5680 needs to be watched critically at the end of the day for this trend. Closing below this level will make it prone to further downside. Intraday traders can look at the levels on spot nifty given below to trade on Muhurat Session. 

Wishing All  " Happy Diwali and a Prosperous New Year !!! "

No trade between 5665 and 5703(To avoid whipsaws)

Buy above 5703 sl of 5683

targets 5722-5741(add positions, breakout on the upside),

5760-5779-5798-5817-5836.

Sell below 5665  sl of 5685

targets 5646-5627(add positions,breakout on the downside)

5608-5589-5570-5551-5532.

Happy Trading !!!