Nifty View for 24.10.2011
Trade with positive bias as I feel some upside is still left in it as we sustained above 5000 last week.In the chart we seem to be above the channel (forming a base there) for last week and the upper resistance seems achievable like 5185 and 5227 in this week.For this positional target given keep sl of 5011 with entry at 5040 if it comes.As this is expiry week keeping intra-day view looks to be prudent strategy.Intra-day trades can be taken as per levels given below daily.Also levels hold good for the day so entry can be taken again for buy or sell if it comes again in the day.
Spot Nifty levels for intra-day trade on 24.10.2011
No trade between 5032 and 5068(to avoid whipsaws)
Buy above 5068 with SL of 5048 for targets of 5086-5103-5121-5139
Sell below 5032 with SL of 5052 for targets of 5014-4997-4979-4962
Happy Trading !
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