On 15-Nov-11, Nifty opened gap down and traded within narrow range but failed to trade over 2 day POC at 5151 and sold off. There were many possibilities of anticipated bottom but nifty corrected upto 5052, a level where many times nifty took support or resisted and closed at 5068 (50 Day SMA), just above 50% correction level of the upmove from 4728 to 5399 (5064).
Nifty Ahead: Nifty closed at important support zone and all the indicators in all major time frames are oversold. So, a bounceback may come from this level; if not then next major support is 4984.
Trade: As per weekly view all or maximum positional shorts may be covered between 5050-5080 zone and again short can be taken at higher levels of 5140, 5190, 5260. Intraday long can be taken above 5075 with SL at 5040 for target of 5120, 5140, 5170. The level should be fine tuned according to intraday developing indicators and chart pattern.
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