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Nifty Levels for 7 June
Wednesday, June 6, 2007
NIFTY (4198)
Today as expected, it was whole day down with acceleration in the fall specially since 12 noon and there was no respite at all.
Today finally Nifty decided to break and close not just below 10-DMA but both 10 and also 20-DMA.
All global indices specially Europe, USA and South America are down heavily.
Pivot Point trading levels for 7th JUN is as under.
S2 S1 PIVOT R1 R2
4105 4151 4238 4284 4371
Pivot Point trading levels for the Week 4th-8th June is as under.
S3 S2 S1 PIVOT R1 R2
4165 4203 4250 4288 4335 4373
Pivot Point trading levels for the Month of June is as under.
S2 S1 PIVOT R1 R2
3869 4082 4195 4408 4521
10-DMA 4260
20-DMA 4219
30-DMA 4186
50-DMA 4059
Resistances on the way up are at 4294, 4364, 4433, 4503. Support is at 4224, 4138.
These are not for any particular day and are valid for MEDIUM TERM.
Now for tomorrow, if at opening bell nifty goes up without going down, then there could be a technical bounce which can take it to 4224 +/- few points. For any kind of bullishness to resume, Nifty needs to sustain and also close above 4224.
On the otherhand, if we FALL SHARPLY at opening bell in the morning (e.g. say of 60+ points), then I would advice buying into this sharp fall once you feel fall has stopped, keeping stoploss which is comfortable to you as we would very much be in oversold zone. The second option looks more likely.
Always book profits whenever seen. If trade goes against you, cut it off, as no low is too low and no high is too high.
Today finally Nifty decided to break and close not just below 10-DMA but both 10 and also 20-DMA.
All global indices specially Europe, USA and South America are down heavily.
Pivot Point trading levels for 7th JUN is as under.
S2 S1 PIVOT R1 R2
4105 4151 4238 4284 4371
Pivot Point trading levels for the Week 4th-8th June is as under.
S3 S2 S1 PIVOT R1 R2
4165 4203 4250 4288 4335 4373
Pivot Point trading levels for the Month of June is as under.
S2 S1 PIVOT R1 R2
3869 4082 4195 4408 4521
10-DMA 4260
20-DMA 4219
30-DMA 4186
50-DMA 4059
Resistances on the way up are at 4294, 4364, 4433, 4503. Support is at 4224, 4138.
These are not for any particular day and are valid for MEDIUM TERM.
Now for tomorrow, if at opening bell nifty goes up without going down, then there could be a technical bounce which can take it to 4224 +/- few points. For any kind of bullishness to resume, Nifty needs to sustain and also close above 4224.
On the otherhand, if we FALL SHARPLY at opening bell in the morning (e.g. say of 60+ points), then I would advice buying into this sharp fall once you feel fall has stopped, keeping stoploss which is comfortable to you as we would very much be in oversold zone. The second option looks more likely.
Always book profits whenever seen. If trade goes against you, cut it off, as no low is too low and no high is too high.
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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.
