Tuesday, January 22, 2013

Nifty outlook and trading levels for 22 Jan 13

Nifty closed  making 1 more spindle top /doji at eod chart means traders are still confused ...after gap up opening bulls and bears both were pulling ropes but none of them was able to drag  market and finally ended  there where it was started ...
but if we could see  same candle today just 10-15 points below of previous one then three to 4 red candles in continuation will not be ruled out ...
Negative opening is expected with immediate profit booking  later we may see buying at lower levels .We have observed profit booking in reliance at higher levels, it could not sustain above 950  and came down to 920 , huge short covering was there so we are expecting more and more selling in it ..advised to go short at 930  940 levels keeping positional sl of 956 and target below 900.
Bank nifty is trading at bottom of channel and channel break down is possible . 100 points fall in bank nifty for today's trade can not be ruled out try to en-cash opportunity
trade in nifty futures according to these levels
Buy at / above: 6109   Targets: 6128 - 6144 - 6165
Stoploss : 6094
Sell at / below: 6094   Targets: 6073 - 6053 - 6034 - 6017
Stoploss : 6109

please spot the trend , trade with patience and management of stop loss order

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