NIFTY (4084)

These days we are having gap up opening and on bad days it is gap down opening which take away most of the cream.

After the huge fall of 200 points in a single day on the nifty, it has closed in the green for 10 days out of 13 making a gain of 13% or 473 points, which is a big gain by any standard in such a short period.

On thursday the correction was good from 4039 to 3933 which happened in only one minute of the opening bell, but it did not spend any time at the lower level and immediately started moving up. I wasn't happy with that correction time wise. These days our movement at the opening bell is dependent on the global markets movement and usually happen in gaps.

Pivot point trading levels for 23th Apr is as under.
S2 S1 PIVOT R1 R2
3962 4023 4056 4117 4151

Pivot point trading levels for the Week is as under.
S2 S1 PIVOT R1 R2
3861 3973 4031 4143 4201

30-DMA 3805
50-DMA 3868
100-DMA 3928

Resistances on the way up are at 4138, 4224. Support is at 4052, 3966. These are not for any particular day and are valid for medium term.

Supports are at 4082, 3981, 3900. Resistance is at 4245

Those holding can now instead of raising the stoploss can exit on monday's morning rally and wait for a fall.

For new entrants, certainly not the time to enter as again we should open with a gap on monday.
Infact, to those high risk traders, I would like to say that I am keen on taking a contrarian call by shorting in small quantity if we have a good rally on Monday to say near 4138 keeping a stoploss of 20-25 points from the shorting price.