Nifty View for 02.01.2012

Nifty has made a new low for this swing.In four days we have had lower highs and lower bottom.Till this pattern continues expecting any recovery is impossible.Markets need to sustain above the level of 4718 to turn positive for short term.Positional traders who are short can keep stop loss of 4718 and hold.The above chart shows symmetry of the moves from top with possible bottom around 4400 levels as per channel target and symmetry for short term.Intraday traders can use the levels given below for trading on spot nifty for 02.01.2012.

Spot Nifty levels for intra-day trade on 02.01.2012
No trade between 4607 and 4641(to avoid whipsaws)
Buy above 4641 with SL of 4624  
for targets of 4658-4675(breakout  level on the upside,add positions) -4692-4709-4726-4743-4760-4778.
Sell below 4607 with SL of 4624 
for targets of 4590-4573(breakdown level on downside, add positions)-4556-4549 -4532 -4515- 4498- 4481.
Happy Trading !
Happy New Year to ALL!