NIFTY (4155)

Even though global cues were not that bad, we still kept on going further down untill 2.00 pm when reversal took place. Now as stage is set for technical bounce, global markets have started correcting again after their technical bounce. Are we going to follow the global markets or going to get a technical bounce for few days.?? (your guess is as good as mine). Currently since few days, bounce is happening on intraday basis then on end of day basis.

Pivot Point trading levels for 13th JUN is as under.
S2 S1 PIVOT R1 R2 R3
4074 4114 4141 4181 4208 4248

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 4222
20-DMA 4231
30-DMA 4188
50-DMA 4086

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.

For bullishness to resume, Nifty needs to close above 4188 and double confirmation would be got once it closes above 4231.

Looks like recovery has started. How much of it happens is hard to say. Resistances are at 4162, 4200, 4232, 4263, 4301, 4363.