Nifty View for 30.11.2011

Today's day can be termed as "Day of stop losses" for intraday traders.It was open equals to high for starts one could have short the nifty as per old rule(open equals high = short and open equals low = buy,with suitable stop loss).Those who could follow this rule would have entered the trade early.For those who waited for the short levels at 4834 would have achieved the second target at 4799 and trailed it as per our system.After hitting the trailed stop loss one would have waited for the entry again as per levels.Another short at 4834 and achieved the third target of 4782 and nearly fourth one of 4765.Again trailed stop loss of 4782(third level) hit for the day.So for the day those who were disciplined enough and could follow the levels a gain of 35+52=87 points as per spot levels given.This was achieved when professional traders stop loss where hit twice.Once on the upside at 4866 when it crossed the open level.Second when it went below the 4797 and again closed above 4800 at 4805.10.

Now let see the move till today from 4633 to 4771(first swing,139 points),4771 to 4693.10(second swing,78 points) and 4693.10 to 4866.10(third swing,173),4866.10 to 4787.1(fourth swing,79 points).Above 4866.10 we have 4890-4928 as resistance.Below 4787.10 we have supports at 4767-4756-4730 and 4703.This situation was like Friday after the expiry spurt on Thursday with the break of 4700 in last hour of the day and close above 4700.In the same way we had a close above 4800 today after the spurt of yesterday and today's dip below 4800.The trend is up yet if 4787.10 is not broken.Below 4787.10 one need to watch the level of 4693.10.

Spot Nifty levels for intra-day trade on 30.11.2011
No trade between 4788 and 4822(to avoid whipsaws)
Buy above 4822 with SL of 4802  for targets of 4840-4857-4875-4892-4910-4927-4945-4962.
Sell below 4788 with SL of 4808 for targets of 4771-4753-4736-4719-4702-4685-4667-4650.
Happy Trading !