Nifty - Tuesday, 20 Dec 2011

Nifty:

Previous close - 4613.10
High - 4637.25
LOW - 4531.15
Close – 4544.20
Change - (68.90)

Today
As shared yesterday, the markets closed below the support level of 4561, after recovery some points in the afternoon, the Nifty closing just above 4560 with Bank Stocks and Reliance contributing the most. The Sensex closed at 15175, down 204 points from its previous close, and the Nifty closed at 4544, down 68.90 points. In today’s trade we saw the Nifty's inability to cross the 4623-33-40 decisively at upper and broke lower end 4589-4574-60 giving indication of what I stated on 18th Dec’11 a long term bearish trend. Even though we are getting some short covering up move but same could not be hold with follow up buy.

The forecast for Tomorrow;

1) If the market opens between 4575 to 4597. Short after the market moved below 4575 and book profit between 4533 – 4500
2) If the market opens between 4485 – 4505 and above, go Long with stop loss at 4475-63 and book the profit around 4552-4562
3) If the market opens besides the above, use your best knowledge..

That is about all.

Have a nice trading day, guys.