03 April 2012- Technical Update – Somehow Nifty closed on dot at 5317. Now we are going to see gap up thrust by strong global cues. It was likely to expect 1% gain above 5317 but majority of those will come in the form of gap up. You can say that 5317 + 1% = 5370, which should be achievable.
Shall I trade long after opening? I think we may not get good levels to catch indices. So have a look at some meaningful resistance's.
Resistance 1- 5386 (It can act in two ways, a stiff resistance for trade but cross over will ignite this market for short covering.
Resistance 2- 5446 Above short covering (if comes) can result euphoric move up to this levels of 5446. As of now chances are lesser for any move above 5446.
Its the time now to talk about Q-4 too. I am considering those as next big trigger for market.
My strong avoid sectors - BANKING and REALITY.
STRATEGY
*Watch out for resistance at 5370 < 5386.
* This market will act as trading - short on failure at 5370 with stop loss 5386. Note - above is NIFTY spot levels. You can add 30 premium point to get approximate NIFTY APRIL MONTH contract levels.
*Cross over of 5386 will give you 5446.
* Be cautious at higher levels.
I provide all updates first on my official web- http://www.viecapital.com/ with few pre-market stock Analysis too.
Thanks and Regards
Praveen Kumar
