(1) Nifty Chart & Levels For 06/02/2012 ::

Nifty :: Again Body Gap up bullish candle with slightly low volume compare of last day volume.. NSI again turn up from middle.. Bull-Bear Power indicator in buy mode.. All indicator are in extreme overbought region.. One by one Nifty break all important strong resistance smoothly, and close near our last week Elliott wave extreme target.. Overall momentum extreme bullish, but in such kind of extended overbought situation buying is danger.. Always the most extreme moves are done in overbought (or oversold) region … No one know exact short term top in such kind of situation, mean again we repeat be careful in buying at higher level.. Our strategy for intraday treading on 6^th Feb., if Nifty open gap up with international market support , then sell at high buy in deep, ONLY near resistance, with small and strictly stop loss.. Watch first resistance 5379/5383 and above it 5399/5435. If Nifty face resistance near 5379/5383 then sell S.L at 5399, and above it sell near last resistance with small and strictly S.L 5435...Do proper money management and use strictly nearby stop-loss in any sell.. Resistance for up move at 5350/5379/5383/5399/5435.. Supports at 5301/5285/5271/5255/5245..