Nifty View for 28.01.2013

Nifty futures remained in the positive zone for the whole day and trapped the shorts..... The high for this series of Jan 2013 being at 6109 and low is at 5930. The 50% level for this range of roughly say 180 points comes to 6019.50 which is the level to watch for this series. The 62.5 % level is at 6042.50 above which one can be positive. The 75 % level comes at 6065 and 82.5 % level comes at 6078.50. The close for the week is at 6073.30 very near to the 82.5% level. So use this levels for trading on futures. On futures chart, price continues to be above the double lines at the bottom of the rising channel. Indicators doing nothing by staying within the range so trend is up as long as we are in this channel. Intraday traders can look at the levels on spot nifty given below to trade on Monday.

Trade Levels for Monday :

No trade between 6055 and 6094(To avoid whipsaws)

Buy above 6094 sl of 6074

targets 6113-6132(add positions, breakout on the upside),

6151-6170-6189-6208-6227.

Sell below 6055  sl of 6075

targets 6036-6017(add positions,breakout on the downside)

5998-5977-5956-5935-5914.

Happy Trading !!!