Nifty View for 28.11.2011

Looks like some accumulation is on in markets. We made a double bottom in two consecutive days and we have closed above 4700 level.

On daily we have a range of 4605 to 4828.Above 4828 we have a breakout and below 4605 breakdown.

On weekly we have a range of 4373 to 5077.We are safe above 4741 and breakout will be above 4843.Above which we can try to touch 4975 and 5077.

Monthly trend has been down and unless and until we do not close above 4982 we are susceptible to touch the downside levels of 4457-4204-3769.

The momentum of FII selling ,Dollar/Rupee equation and VIX (Volatility Index) are the key to the trend so we need to keep watch on those.

Personally I think we have made a bottom and we may see strong recovery above 4786 my target is 4928 next week. My stop loss for longs is 4690.

Astrologically we had 25 Nov turn date with the partial solar eclipse and new moon occurring on that day.We may open gap up if the same is true.Fibo symmetry chart is given above which marks the current upper boundary of the move expected.Once again this an personal observation(I may be wrong and bold  but trying to put my view honestly) my stop loss is 4690 and at most can be lowered down to 4650.All would agree here that this week will decide the trend for short term as we hovering around the bottom of channel and we had an inside day on friday so whichever way we move it will identify the trend.Should  we get ready for the Christmas rally after the Thanksgiving Holiday in US?

Spot Nifty levels for intra-day trade on 28.11.2011
No trade between 4693 and 4727(to avoid whipsaws)
Buy above 4727 with SL of 4707  for targets of 4744-4762-4779-4796-4814-4831-4848-4866.
Sell below 4693 with SL of 4713 for targets of 4676-4659-4642-4625-4608-4591-4574-4557.
Happy Trading !