NIFTY (4146)

Since last 3 days, Nifty has been following a certain set pattern. It moves up in the morning, then stabilises to gradual up move and then finally after 2.30 pm vertical drop back to square one. Since 3 days its is moving in a range between 4130 to 4200. Our markets were the weakest as we were not able to hold on to our gains once again.

Pivot Point trading levels for 12th JUN is as under.
S2 S1 PIVOT R1 R2
4092 4119 4162 4189 4232

Pivot Point trading levels for the Week 11th-15th JUN is as under.
S2 S1 PIVOT R1 R2
3974 4060 4211 4297 4448

Pivot Point trading levels for the Month of June is as under.
S2 S1 PIVOT R1 R2
3869 4082 4195 4408 4521

10-DMA 4236
20-DMA 4229
30-DMA 4185
50-DMA 4079

Resistances on the way up are at 4224, 4294, 4364. Support is at 4138, 4052.
These are not for any particular day and are valid for MEDIUM TERM.

Once again, for any kind of bullishness to resume, Nifty needs to close above 4185 and double confirmation would be got once it closes above 4229. Since last 2 days we are ending near days lows, which is not a healthy sign, but it does not take much time to reverse. Till then play the range as discussed in first para.