Nifty View for 15.11.2011

Today Nifty opened with a gap but could not sustain it and closed at the lower end of the channel as shown in hourly chart.As per daily chart for futures the trend is down below 20 SMA.The daily charts are in down trend after being resisted at +BB2 levels on 04.11.2011. Nifty showed some resilience around the +BB1 levels but is moving down.Supports on daily will be -BB1,-BB2and -BB3 levels.Expect some support around -BB1 levels.If Nifty futures find support around this -BB1 level expect rise upto 20 SMA.Now for all intraday traders the hourly chart is vital.On hourly we have broken the 20 SMA on 09.11.2011 so the trend is down here also and yet to recover it.Todays gap up move also could not cross the 20 SMA level.Whenever such move occurs its a chance to be taken for shorts around the 20 SMA levls by intraday traders.Hourly supports are at -BB2 and -BB3 levels as shown in charts.Expect some support around -BB2 level for futures.If its supported then -BB1 level is the initial resistance and 20 SMA level next.If we open gap down tomorrow then we may touch the -BB3 level where the shorts can be covered for futures.In such scenario we may see some sideways move on the futures for the day.

Spot Nifty levels for intra-day trade on 15.11.2011
No trade between 5130 and 5166(to avoid whipsaws)
Buy above 5166 with SL of 5146 for targets of 5184-5202-5220-5238
Sell below 5130 with SL of 5150 for targets of 5113-5095-5077-5059
Happy Trading !