Tuesday, January 4, 2011

Trade Plan - January 5, 2011


Today another day of range bound trade and consolidation around 6135 levels without any upside above high of 6180 or much downside below 6135 levels. VWAP @ close is 6175. Nifty closes @ 6146.

1) One more session of trade below 6160 and Nifty could well test the next lower support level of 6085 below 6135.
2) The 5-DEMA level is now 6117 and break of the 5-DEMA level will make Nifty bearish for next two to three sessions.
3) If Nifty gets support at 5-DEMA level of 6117, then 6135-6150 levels once again becomes entry level for intra day longs. Happy trading!

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