Nifty View for 22.11.2011.

On the  daily chart we can see the trend is down with the price action from November 2010 is depicted by a falling channel.All the price action is between the channel so those who followed simple technicals have profited immensely for the last year.(Life can be simple if don't make it complicated).Now this upside corrective move felt short of the channel top by some margin.Whenever such things happens its a weak trend and prices retrace the move very fast.All the earlier corrective retracements have been (78.6% of earlier move) but this time we fell short of it(another indication of weakness).As per the levels marked on the chart we have moving in the top two quadrants vertically and 3 quadrants horizontally.This price action is very near the base of this quadrant at 4685.If we don't find support here then the next vertical quadrant is between 4685 to 3922 a new range.Also the annual channel bottom is at 4450 level.The internal channel support is at current level(ealier we had bounce back from these level) .If we find support here a move to 4880 and above it upto 4990 can be expected).Astrologically these are testing times with mercury retrograde(refer repeat post) and mistakes are bound to happen in markets as this creates confusion and panic.Also this year after many many year we have a combo of Solar Eclipse(25 th Nove) with the mercury retrograde(24 th Nov) which makes it highly volatile and unpredictable.So keeping this in mind trading is to be kept light with strict stop losses or suitable hedging for cover in opposite direction.The effect of eclipse lasts for 2 months or so and affect the trend before it also.On the nifty we are witnessing Solar Return action with the fall starting in both successive muhurat sessions.Be cautious because markets are there for eternity but same may not be true for the trading capital.

Spot Nifty levels for intra-day trade on 22.11.2011
No trade between 4761 and 4796(to avoid whipsaws)
Buy above 4796 with SL of 4776 for targets of 4813-4830-4848-4865
Sell below 4761 with SL of 4781 for targets of 4744-4724-4709-4692
Happy Trading !