Nifty Technical Take - 22nd November 2011

We have closed our short positions due to the following factors today

1. No follow up in downward flow of prices
2. Oversold Conditions

We may now move sideways to upwards but the rallies will be feeble until the weekly trend turns into buy which for the time is in sell mode.

4854 is critical level to watch out for. No longs are to be taken here.
Wait for new shorts.