Nifty View for 29.11.2011

Well it was one way as expected and markets obliged us with a close of 4851.30 on Spot Nifty.On friday markets gave a false break below 4690 and close above 4700.This created doubts in the mind of traders whether to carry longs or not after such a great recovery on expiry day.These are misleading moves after a big run-up or run-down on the markets.The stop loss levels are hit first then big moves happen in markets.This was observed with a gap up of 50-60 points today which left the shorts open and trapped them whole day relentlessly.Also few traders could have entered with a 50-60 gap up and watched the run up thinking how take entry now and may have missed out the rally as well. An opportunity lost is lost but never regret it as markets provides it every day to those  who are un-baised on markets and are able to catch the trend early.Now where from here is the question.Now above this run up the resistance level is 4928 where one can safely book profits if long.(positional traders).Above 4929 we have next target of 5019 for positional traders.Intraday traders can buy above 4869 on spot nifty with target of 4909.Above 4909 will be breakout on spot which can be traded as per levels given below.On gap up on spot nifty above do not enter.Enter only above 4909 with stop loss of  4886 and trail profits as per given levels above it.

Spot Nifty levels for intra-day trade on 29.11.2011
No trade between 4834 and 4869(to avoid whipsaws)
Buy above 4869 with SL of 4849  for targets of 4886-4904-4921-4939-4956-4974-4992-5009.
Sell below 4834 with SL of 4854 for targets of 4817-4799-4782-4765-4747-4730-4713-4696.
Happy Trading !