Date: 7th December 2009
High: 5131.30
Low: 5051.55
Open: 5108.85
Low: 5051.55
Open: 5108.85
Close: 5066.70
Trading Strategy for 8th dec 2009
In my view,
As per the "7th December 2009 " - trade Reference- Nifty could'nt Decisively cut the 5000 mark with volume,and hence the panic selling didn't happen. So there is a posibillity of one more choppy trade may be expected ahead.
if nifty opens in a discount below '5044' (20days DMA)there is a chance for Bears to come in and pull down the index to 4962 or even down to it. (or) the trade will be again Range bound within S2 to R2.
Today pivot 5084,if trade above this level with volume can lead upto 5140 and may go upto 5170 range,bears be cautious , if Nifty future crossover yesterday high i.e:-5131 level.
S2-5004 S1-5035 <-------> R1-5115 R2-5163
Always trade with caution or put strict stoploss for each trade.
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