Nifty View of 14.12.2011

Another of huge up and down moves and hitting stop losses of seasoned traders.But if discipline was followed the gains of 34 points was possible with first target of 17 points hit on the upside at 4799 on crossover of  4782 and first target of  17 points on the downside at 4730 on the break of 4747.The gain was possible  if trailing stop loss was used.Always try to lock-in your profits with trailing stops.Todays call was not to remain short in nifty so those who followed would have been saved from any losses and booking the profits in time.Lets watch tomorrow where nifty moves.On the above chart some important fibonacci levels are given to guide positional traders for further moves.Markets may remain positive for the week(personal view) so use proper stop loss levels as we are not out of woods yet.On the downside 4720 was respected which was 161.8 extension of 5193(100%).Today's resistance was the 150% level of 4818.On crossover of 4818 expect the level of 138.2 % at 4906.The zone between 4800 to 4900 is a faster retracement zone which can be covered in a single day.In past watch this zone it is the zone of gaps being formed.An close above 4906 is positive for nifty.The 50% level of fall from 5100 to 4700 roughly is 4900 so one can be long above it.Till 4900 is not crossed the trend is not confirmed on the upside.Can we see gap on the upside?It can be possible so lets watch it.Intraday players can trade as per the levels given below

Spot Nifty levels for intra-day trade on 14.12.2011
No trade between 4783 and 4818(to avoid whipsaws)
Buy above 4818 with SL of 4798  for targets of 4835-4853(breakout  level on the upside,add positions)-4870-4888-4905-4923-4940-4954.
Sell below 4783 with SL of 4803 for targets of 4766-4749(breakdown level on the downside, add positions)-4732 -4715 -4697 -4680- 4663- 4646.
Happy Trading !