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Indian Stock Market


NIFTY (4067)

Friday, May 11, 2007


Pivot point trading levels for 11th May is as under.
S3 S2 S1 PIVOT R1 R2
3963 4010 4039 4086 4115 4162

20-DMA 4052
30-DMA 3958
100-DMA 3944
200-DMA 3750

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.

Yesterday, since 2 pm, weakness was seen in Nifty and it fell nearly 80 points from days high. Now first watch 4052 which is medium term support and also 20-DMA. If this breaks, which seams very likely, then watch the next support of 4029 which was a double bottom made on 30th April and 9th May. If this breaks then one can see more weakness and one can short also. But if buying emerges at 4029 and we stay above it, then one can buy near 4029. Else one can short below 4029 for 3982 & lower.
Use 15-20 points as stoploss either way

Posted by FR at 7:38 AM  

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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.