Nifty View for 16.11.2011

Nifty trend is down and accelerating the down momentum both on daily and hourly charts.On daily supports are at 5006(-BB2),4968(channel bottom) and below it 4903(-BB3).On hourly charts the momentum and -DI lines are rising in sync on the ADX indicator signifying the strength of the down move.On hourly charts the -BB3 levels is at 5034 which is the last support  currently seen.But the bands are expanding.In such scenario, always look for the price to touch or move out of the bands and pop-in to cover your shorts.One needs to be cautious also when the bands are expanding as the prices will push them further down with it.In all shorts are on as per trend and need to be covered as per the trend on intraday. Also we have retraced 50% of the current rise so watch out for some countertrend move at this levels or 61.8% levels at 4980 odd on Nifty future.

Spot Nifty levels for intra-day trade on 16.11.2011
No trade between 5051 and 5086(to avoid whipsaws)
Buy above 5086 with SL of 5066 for targets of 5104-5122-5140-5158
Sell below 5051 with SL of 5071 for targets of 5033-5015-4998-4980
Happy Trading !