Nifty And Bank Nifty Analysis For 2nd February 2012

Towards upside bulls can target 5260-5350-5400 levels and towards downside 5177-5120-5073-5065-5053-4980-4900 -4840 would be support.Momentum to remain bullish once 4950 is protected.I am anticapting wave -5 bullish upward movement 5252 / 5305  


However overall trend to remain bullish once 4900-4950 is protected.


Trend/Momentum :Weekly  chart  : Bullish OB  Daily chart  : Bullish => orientation towards long side 


Pattern : Impulsive 5 wave pattern . Wave-5 is in progress. Wave -4  completed.


Position: Price cluster exit at 4980 ,5100 and 5220-5240,5315


Action : - None (No Open position)


Potential Trade setup: 
1.SAR 5119
2.SHORT @ 5300 STOPLOSS 5320 TARGET -UPDATED 
LATER 


Follow up SAR trade (ST)
1. No Trades 




Follow up Trend reversal trade (TRT)
1.Sell 5140 Stoploss 5160 -Stop out (loss= -20 points)
2.Sell can be done near 5220 level with stoploss 5250 (TRT)  (close 1 lot @ 5120 and 2nd lot @ 5200=60 points)