Trade Plan - November 30, 2010

Nifty took support around Friday closing levels and was in the green throughout the day and managed to touch a high of 5843. VWAP @ close is 5828 signifying the resistance of 5820 has been overcome. Nifty closes at 5830 and should cross the reversal level of 5845 tomorrow.

1) Nifty has managed to trade above 5820 after 2:30 pm consistently on spot values and needs to cross 5845 tomorrow for further upside for targets of 5965 on closing basis this week. The strict stop loss or reversal levels for this week will remain 5790.
2) Break below 5790 can give a slide of up to 100-150 points to around 5690/5630 levels.
3) The bullish trading range for tomorrow is 5800-5965 with reversal below 5790 levels only. Happy trading!