Trade Plan - July 13, 2011

Nifty opens gap down and closes in the red well below the important support level of 5555. VWAP @ close is 5548. Nifty closes at 5526.

1) Nifty has now fallen below all important short term support levels and needs to stabilize around 5555 on spot prices. Reversal level will be 5555 level tomorrow.
2) Below 5515, Nifty can fall to 5480-5415 level.
3) Nifty broke the 5-EMA level yesterday and today fallen below the 34-EMA level of 5544.  Happy trading :)