Trade Plan - October 13, 2011

Nifty moves up buoyed by the good results of Infosys and closes @ 5099 after swinging to a high just below 5110 on spot prices. VWAP @ close is 5056.

1) Now the level below 5075 is intra day reversal zone tomorrow. Above 5110, the target of 5150-5190-5230 opens up.
2) Below 5075, the level of 5030-4990 could be tested should massive profit booking set in. Today's rally is mostly due to the short covering rally and a couple of sessions of consolidation around 5110 likely to happen.
3) The second chart is the Fibonacci retracement analysis taking last swing high and low of 5740 and 4720 level. Here too the level of 5110 assumes significance as it is 38.2% retracement level.  Happy trading :)