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NIFTY (4085) - Technicals
Tuesday, April 24, 2007
NIFTY (4085)
As expected today again we opened with a gap up straight to high point of the day at 4122 and then is was down and then flat at the lower end of the range.
Pivot point trading levels for 24th Apr is as under.
S3 S2 S1 PIVOT R1 R2
4019 4047 4066 4094 4113 4141
Pivot point trading levels for the Week is as under.
S2 S1 PIVOT R1 R2
3861 3973 4031 4143 4201
30-DMA 3816
50-DMA 3866
100-DMA 3929
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
I was expecting weakness at higher level and hence I said in my last post, that those holding can now instead of raising the stoploss can exit on monday's morning rally and wait for a fall.
I still say for new entrants, certainly not the time to enter, wait for a fall to enter. As mentioned in my post of 18th April, to practice/master the virtue of Patience, if you want to succeed in stock market.
Infact, to those high risk traders, I had mentioned yesterday to take contrarian call near 4138 by going short. Hope they profited. I feel, there is still more scope of earning in this contrarian call keeping stoploss of 25 points from the shorting price. If you are not comfortable, do nothing.... just sit out.
As expected today again we opened with a gap up straight to high point of the day at 4122 and then is was down and then flat at the lower end of the range.
Pivot point trading levels for 24th Apr is as under.
S3 S2 S1 PIVOT R1 R2
4019 4047 4066 4094 4113 4141
Pivot point trading levels for the Week is as under.
S2 S1 PIVOT R1 R2
3861 3973 4031 4143 4201
30-DMA 3816
50-DMA 3866
100-DMA 3929
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
I was expecting weakness at higher level and hence I said in my last post, that those holding can now instead of raising the stoploss can exit on monday's morning rally and wait for a fall.
I still say for new entrants, certainly not the time to enter, wait for a fall to enter. As mentioned in my post of 18th April, to practice/master the virtue of Patience, if you want to succeed in stock market.
Infact, to those high risk traders, I had mentioned yesterday to take contrarian call near 4138 by going short. Hope they profited. I feel, there is still more scope of earning in this contrarian call keeping stoploss of 25 points from the shorting price. If you are not comfortable, do nothing.... just sit out.
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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.
