Daily_Nifty_VP's View-03/07/12

1.         For Tuesday (03/07/12), supports are at 5271, 5256, 5229, 5181 and 5162 (and 5095). Resistances are at 5290, 5300, 5307/10, 5317, 5331 and 5346. One -ww gives 5262 and is active and another gives 5195 below 5267 but it may be doubtful (I may be biased that nifty may not go down so much). Always remember that nifty is bullish in general and hence trade close to levels.

2.         pcr 1.21 vix 19.01

3.         Pre-open high/low at 5302.50/5231.90 and close at 5298.85. This may indicate an upmove so short sellers should be careful

4.         As per 9.30 strategy, sell above 5301 target 5281 SL 5331. One may use 5345NF as SL from second strategy if willing to take more risk. Be careful as SL may be triggered soon.

5.         If SL is triggered, buy below 5342 target 5361/75 SL 5312

6.         Buy below 5339NF instead of 5342 target 5361/75 SL 5309

7.         Please note lower targets 5281/73NF. as a safe bet keep SL as 5337/45 instead of 5331

8.         Nifty today went upto the fourth resistance mentioned in the first post and also a little below first support. In the process it almost gave target of -ww. It also made a near double bottom with yesterday's low and reversed sharply thereby making it difficult to suggest next move

9.         Important aspect of today was that SLs on either side were triggered and then target of original down trend was met.