Nifty and LT

Nifty Daily Chart

Nifty is out of the consolidation and has tested the crucial level 4800 but managed to close above 4800.

If nifty closes below 4800 it can go down up to 4600. Now 4940 can act as resistance and any long position in Nifty should be taken only  above 5940 for a short term target of 5100-5150.

LT Weekly Chart

Parabolic SAR on weekly chart is showing sell signal. Other indicators like MACD and stochastics are indicating that trend could be down for medium term. Sell LT at CMP for a target of Rs.1500 stop loss 1575.(2-4 days)

(Above mentioned levels are spot levels. Targets are indicative, you can exit much earlier)

Disclaimer: Above mentioned calls are based on my understanding about technical analysis. Please do your own due diligence before taking them.