Nifty View for 18.11.2011

                     As we have moved down and broken every support we now need to see the big picture higher than daily and hourly.So lets see the weekly chart from the fall of Nov 2010 on Nifty.Watch the pattern of fall which is somewhat similar as we seem to be repeating it.The rectangle shows similar move and the triangle following it.If this pattern holds expect bounce from 4820-4800 levels.

                     Now for the top on Nov 2010 we went near the red band of +BB3 then came all the way to 20 SMA  and bounce back to +BB1(top) level.From +BB1 level(top) another fall started we went down to -BB3 level a panic bottom.So we completed a cyclic move from +BB3 to -BB3 on the bollinger bands.

                      We bounced back from this bottom to + BB1 level(top) were we were resisted.The fall from +BB1 level went to support at -BB1(bottom) level.Again from -BB1 level we moved up to +BB1 level(top) were we resisted as earlier pattern.From this +BB1 level we moved down to make another panic bottom at -BB3(panic botom) level.

                       We again moved upto +BB1(top) level(nearly but not exactly) and the fall started (some similarity!).Now again we are near the -BB1 level(bottom?).We may find support here but the bollinger bands are expanding soI have kept space below it to turn sideways.So the level of 4820-4800 level looks ideal for bounce back as per both the pattern and bollinger bands.Lets see how it materialises on Nifty.

                        Fridays have never been good for Nifty in recent times so it may be very volatile close for the week be cautious for both sides moves.

Spot Nifty levels for intra-day trade on 18.11.2011
No trade between 4917 and 4952(to avoid whipsaws)
Buy above 4952 with SL of 4932 for targets of 4970-4988-5005-5023 
Sell below 4917 with SL of 4937 for targets of 4900-4882-4865-4847
Happy Trading !