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Nifty Levels
Tuesday, June 5, 2007
NIFTY (4267)
Today Nifty made a big gap up opening exactly to 4363. (See medium term resistance levels given since last many days). Nifty future though did not match up to the rise of Nifty. After hitting 4363 at opening bell, it was just down the whole day finally closing at days low.
Pivot Point trading levels for 5th JUN is as under.
S2 S1 PIVOT R1 R2
4188 4228 4295 4335 4402
Pivot Point trading levels for the Week 4th-8th June is as under.
S2 S1 PIVOT R1 R2
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 4264
20-DMA 4203
30-DMA 4175
Resistances on the way up are at 4294, 4364, 4433, 4503. Support is at 4224, 4138.
Other short term supports for Nifty are at 4273, 4217, 4172, 4127.
In final minutes Nifty did go below its 10-DMA but managed to close at its 10-DMA. The first trendline support is at 4256 which was monday`s low. Have a feeling this support will break tomorrow, specially if global cues are bad and then next good trendline support is at 4217.
What one can do is try taking a position near 4217 keeping a stoploss of 4195 monthly pivot, taking a risk of about 20 points. Or else, if we do not go down straight away in the morning and we get a bounce, then high risk traders can go short on rise keeping stoploss of 4295 for 4217. Keep booking profits either on short or on long side as and when seen.
According to me, Worst Case Scenario could see the Nifty going all the way to 4127 in this current fall in coming days. I dont say it will happen, but is possible, particularly if global cues are bad.
Let`s go step by step, concentrating on the nearest support first and then the next one if broken. (4273, 4217, 4172, 4127).
Pivot Point trading levels for 5th JUN is as under.
S2 S1 PIVOT R1 R2
4188 4228 4295 4335 4402
Pivot Point trading levels for the Week 4th-8th June is as under.
S2 S1 PIVOT R1 R2
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 4264
20-DMA 4203
30-DMA 4175
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.
Other short term supports for Nifty are at 4273, 4217, 4172, 4127.
In final minutes Nifty did go below its 10-DMA but managed to close at its 10-DMA. The first trendline support is at 4256 which was monday`s low. Have a feeling this support will break tomorrow, specially if global cues are bad and then next good trendline support is at 4217.
What one can do is try taking a position near 4217 keeping a stoploss of 4195 monthly pivot, taking a risk of about 20 points. Or else, if we do not go down straight away in the morning and we get a bounce, then high risk traders can go short on rise keeping stoploss of 4295 for 4217. Keep booking profits either on short or on long side as and when seen.
According to me, Worst Case Scenario could see the Nifty going all the way to 4127 in this current fall in coming days. I dont say it will happen, but is possible, particularly if global cues are bad.
Let`s go step by step, concentrating on the nearest support first and then the next one if broken. (4273, 4217, 4172, 4127).
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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.
