Wednesday, January 2, 2013

Nifty outlook and trading levels for 02 Jan 13

Positive to gap up opening is expected. Global and Asian markets were closed yesterday and our market was open so moved up on fiscal cliff news yesterday ...
Senate deal to avert the looming US budget crisis , popularly fiscal cliff, pushed sensex up 154 points at 19,581 on the first day of 2013, after taking the index to a 20-month high in intra-day trades. Day's gains were also helped adequately by strong FII buying and expectations that the RBI will cut key policy rates in its review meeting on January 29. As a result, the stocks of companies which are sensitive to interest rates rallied. The day's session added Rs 65,000 crore to investors' wealth with BSE's market capitalization now at Rs 69.8 lakh crore, the highest level seen since end-April 2011.
Asia is reacting on fiscal cliff news today so our market may follow Asian markets ...or after a positive start we may see  profit booking as seen in infy yesterday as Infy could not sustain in green zone after positive start and later closed  in red ...
Nifty eod  once again closed positive after making spindle top ...we wont spot it as breakout as candle is too small like spindle only ...and it was failed to breach previous high  made on 11 Dec 12 .
will  it work as double top reversal ...
or what we are seeing now like ascending triangle...both are having different  meanings and moves...what we will see  only market will show us  soon ....may be today itself.
will we move towards 6100  or will enter in range again ...
Trade in Nifty futures as per these levels 
Buy at / above: 6021   Targets: 6042 - 6061 - 6080 - 6100
Stoploss : 6002
Sell at / below: 6002   Targets: 5987 - 5970 - 5953- 5931
Stoploss : 6021

Trade  according to trend and with stop loss order 

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