Nifty View for 03.01.2013

Nifty futures again made a rally to our second monthly target of 6050 nearly hitting it with a high of  6049.90 and missed it by Rs 0.10 . Hope blog readers would have booked near it and waited for breakout above it. Now we have hit the second monthly target so its like two-thirds of the normal range of futures being  achieved.  Be ready to trade the breakout above 6050 even if we have a gap up tomorrow with suitable stop loss(only for gap-up opening). Staying below 6050 we may experience sideways to corrective move to digest the rise. Above 6050 the third monthly target is 6129 on the futures. There were cluster of resistances (astro which we learn in our astro-trading techniques course) from 5997 to 6090. The level of 6042 being crossed today , we now  have a major resistance at 6090. Above which we may hit the level of 6129. Technically on charts are nearing the normal channel top where the price action was rejected earlier. Both the indicator paint a mixed bag picture with one out of channel and one not. So trade accordingly ahead and make use of the levels effectively to make some profits. Intraday traders can  look at the levels on spot nifty given below to trade on Thursday.

Blog Readers if interested in enriching their knowledge through our Trading Courses can email at kbr9121965@yahoo.com for details. As we are offering these courses at 2012 rates up to end of January 2013. We are restructuring them with added knowledge and same will be available at much enhanced rates ( 2 to 2.5 times price increase) from February 2013. So if you are inclined to learn take advantage at 2012 rates. 

Trade Levels for Thursday :

No trade between 5974 and 6013(To avoid whipsaws)

Buy above 6013 sl of 5993

targets 6032-6051(add positions, breakout on the upside),

6070-6089-6108-6127-6146.

Sell below 5974  sl of 5994

targets 5955-5936(add positions,breakout on the downside)

5917-5898-5879-5860-5841.

Happy Trading !!!