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NIFTY (4077)

Monday, May 14, 2007



It was a very volatile day today with wild swings of 85 Down-110 Up-65 Down-60 Up. But all in all even when entire Asia was down we did show resilience and closed slightly positive for the day.

Yesterday I had mentioned watch out for 4029 as below this weakness will take it to 3982. It exactly fell to 3981 and recovered and above 4029 Nifty was anyway in a safe territory. In the afternoon it fell once again and found support at 4029 and bounced back.

Pivot point trading levels for 14th May is as under.
S2 S1 PIVOT R1 R2
3937 4007 4051 4121 4165

Pivot point trading levels for the Week is as under.
S2 S1 PIVOT R1 R2
3895 3986 4072 4163 4249

20-DMA 4063
30-DMA 3967
100-DMA 3947
200-DMA 3756

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.

Now Nifty is finding support / buying at lower levels and Resistance / Selling at higher level, hence giving both long & short opportunities. Monday, I expect the Nifty to find resistance at 4121 / 4127. If it clears that and stays above, further strength will be seen. Support is at 4029 and at 3981.

Posted by FR at 6:07 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.