Nifty View for 01.01.2013

Nifty Daily Gann Angles --BIG PICTURE

Nifty Daily Technicals

First chart shows the nifty futures progress with the Gann Angles marked on them.

Nifty Futures broke out of the smaller channel with gap usually seen whenever a breakout happens after a range bound behaviour for the some time. Yesterday we had observed this and had to trade in the direction of the breakout. The daily chart shows the breakout. The strength of the breakout will be judged on sustaining above this gap. Another test of the strength will be more gap openings happening ahead. Weakness can be seen with the closing of this gap and sustaining below this gap area again into the channel. We cleared the first target of this series at 5975 and closed above it at 6007.50. Closing for the first above 6000 levels will be very heartening for traders and investors. Raise the stop loss to 5975 to lock in the profit for any adverse reaction. But having said that be prepared to enter above this level of 5975 again and again. Resistance on nifty futures are at 6052-6129 for this series. Intraday traders can look at the levels on spot nifty given below  to trade on Tuesday.

No trade between 5932 and 5970(To avoid whipsaws)

Buy above 5970 sl of 5950

targets 5989-6008(add positions, breakout on the upside),

6027-6046-6065-6084-6103.

Sell below 5932  sl of 5912

targets 5913-5894(add positions,breakout on the downside)

5875-5856-5837-5818-5799.

Happy Trading !!!