Trade Plan - December 16, 2011

VWAP @ close is 4728. Nifty closes at 4746 after breaking below 4730 and taking U turn from 4674 levels.

1) The bias is still negative and intra day players will buy into Nifty only above 4765 for target of 4835+ above the 5-EMA levels.
2) Below 4675, next support levels are 4640-4590.
3) The RBI credit policy expected to be announced tomorrow is the trigger for our market. The slide of INR needs to be arrested and market will take direction accordingly. No investor will invest when currency market is unstable and credit is expensive coupled with inflation.
4) The bullish range for the next two weeks will be 4835-5135.
5) The bearish range will be below 4765, towards 4565.
4) This is my last post for this year 2011 and the bearish and bullish range levels are mentioned. I will resume posting my trade plans after the brief holiday time off I am taking. Merry X-mas. Happy 2012 in advance. Thank you.  Happy trading :)