Above is a Point and figure chart of Nifty. Nifty shows signs moving towards 6000 levels with short term resistance of 5200 and 5420. However these levels will act as strong resistance, Following a breakout would lead to the level of 6000.
Nifty Strategy For expiry october 25th 2011 :-
Nifty resistance lies at 5169, Once this level is broken we would see 5220 in the near term.
Nifty Closed at 5098, Our strategy for the 25th of October 2011 is to hold on to long positions keeping a strict stop loss of 5038 in Mind.
Buy Nifty 5000 (CE) call
Sell Nifty 5300 (CE) Call
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