Nifty was moving up and up every day since a week on back of good RBI credit policy and strong global indices and on friday we fell back to last Friday's closing. Nifty nearly touched its all time high of 4245 falling short by 27 points. In one day it wiped out entire week's gain.

Pivot point trading levels for 30th Apr is as under.
S3 S2 S1 PIVOT R1 R2
3937 4005 4045 4113 4153 4221

Pivot point trading levels for the Week is as under.
S2 S1 PIVOT R1 R2
3960 4022 4120 4182 4280

10-DMA 4075
20-DMA 3934
100-DMA 3937

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 4076, 4032, 3988.

In my last post of monday had said for high risk traders, who are willing to take contrarian call do so near 4138 by going short with 20-25 point stoploss. The stoploss got triggered.

But new fresh shorting opportunity near the all time highs was created and that gave a good return. Nil positions for the weekend.

Next week, Tuesday and Wednesday are holidays and hence its gonna be a very short week of 3 days, hence, I dont expect much strength on monday at end of day. If we open strong on monday once again high risk traders can short near 4113 - 4120 keeping stoploss of 4129.