Trade Plan - November 3, 2010

As expected a day of consolidation with a flat opening and Nifty managed to remain in the crucial 6090-6120 range throughout the day and has triggered the important level of 6135 today with a high of 6138. The EMA and SMA levels thus look stronger today than on the weekend.  VWAP @ close is 6151. Nifty closes above the pivot level @ 6119.

1) Views remain same as yesterday and the trading range for tomorrow should be 6120-6180 on bullish side with 6135-6150 as the resistances.
2) Gap down opening or break of 6085 (yesterday's low) can likely take Nifty down to 6050-6030 intra day.
3) Shorts are covering on dips and Nifty has traded flat today. As of now it is buy on dips up to 6085 levels and breakout will be above 6135-6140 of spot value.