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NIFTY (4013)
Monday, April 16, 2007
NIFTY (4013)
Nifty opened the weak with an upward gap and kept on moving up through the day, finishing at day's high once again. Today Nifty crossed and also closed above a major hurdle 100-DMA at 3921.
Pivot point trading levels for 17th Apr is as under.
S2 S1 PIVOT R1 R2
3888 3950 3984 4046 4080
Pivot point trading levels for the Week is as under.
S2 S1 PIVOT R1 R2
3688 3803 3863 3978 4038
30-DMA 3756
50-DMA 3881
100-DMA 3923
Resistances on the way up are at 4052, 4138. Support is at 3966, 3880, 3774. These are not for any particular day and are valid for medium term.
Supports are at 3981, 3900. Resistance is at 4082, 4245
Now nifty has crossed all major hurdles. I feel from now on, Nifty will have its routine corrections but any kind of jerky sharp deep falls can occur only if there is some untoward negative event etc.
Now those who have entered can keep their stoploss as a close below 3923. Till then continue to ride the trend. Nothing suggest of a correction but the move in last couple of days is a bit too steep / vertical and hence gives an uncomfortable feeling, but a sure buy once again near 3923. At the same time all global indices are doing great today, so expect a good opening once again tomorrow.
Nifty opened the weak with an upward gap and kept on moving up through the day, finishing at day's high once again. Today Nifty crossed and also closed above a major hurdle 100-DMA at 3921.
Pivot point trading levels for 17th Apr is as under.
S2 S1 PIVOT R1 R2
3888 3950 3984 4046 4080
Pivot point trading levels for the Week is as under.
S2 S1 PIVOT R1 R2
3688 3803 3863 3978 4038
30-DMA 3756
50-DMA 3881
100-DMA 3923
Resistances on the way up are at 4052, 4138. Support is at 3966, 3880, 3774. These are not for any particular day and are valid for medium term.
Supports are at 3981, 3900. Resistance is at 4082, 4245
Now nifty has crossed all major hurdles. I feel from now on, Nifty will have its routine corrections but any kind of jerky sharp deep falls can occur only if there is some untoward negative event etc.
Now those who have entered can keep their stoploss as a close below 3923. Till then continue to ride the trend. Nothing suggest of a correction but the move in last couple of days is a bit too steep / vertical and hence gives an uncomfortable feeling, but a sure buy once again near 3923. At the same time all global indices are doing great today, so expect a good opening once again tomorrow.
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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.
