What a Day another "Day of Stop Losses " being hit.Its now a regular show with huge volatility and wild swings.Today opened gap down and went down till our second target of 4753. The second target on both sides is breakout target which did not break and Nifty recovered from there.So it was contrarian buy or at least to book shorts.On the upside we had two entry points at 4822 with target of 4857 the second level.Missed it both times but if trailed at first level target would have earned 18+18=36 points.Not bad on a day of huge swings.So always work with levels to save losses and gain profits in such markets.
Now what is ahead after this move.We have closed at the higher of the the earlier range so we are in the bullish zone and open for targets of 4928 and 4950.Above 4950 close can hold delivery for 5000 targets.Today's move down was utilised for buying and hence we may open gap up tomorrow Traders trapped today on shorts should look to hedge theirs shorts buying calls as security or book losses.Today after many days the FII figure has turned positive for first time which is bullish. Also unwinding is seen in 4900CE and 5000PE. and huge writing in 4700PE.Addition of open interest is seen in 5000CE,5100CE and 5200CE.Above scenario looks bullish.Keep watch on those figures for further clues.
Spot Nifty levels for intra-day trade on 01.12.2011No trade between 4815 and 4849(to avoid whipsaws)
Buy above 4849 with SL of 4829 for targets of 4867-4884-4902-4919-4937-4954-4972-4990.
Sell below 4815 with SL of 4835 for targets of 4797-4783-4760-4746-4728-4711-4694-4677.
Happy Trading !
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