NIFTY (4314)

So finally Sensex took out it`s previous high giving a new all time intraday high today and also made an all time closing high. Nifty got resistance exactly at Weekly R1 and the final hour saw some weakness and it closed in the red by 4 points.

Pivot Point trading levels for 3rd JUL is as under.
S2 S1 PIVOT R1 R2
4280 4297 4322 4339 4364

Pivot Point trading levels for the Week 2nd-6th JUL is as under.
S2 S1 PIVOT R1 R2
4207 4262 4292 4347 4377

Pivot Point trading levels for the Month of JUL is as under.
S1 PIVOT R1
4158 4260 4421

10-DMA 4271
20-DMA 4221
30-DMA 4235

Resistances on the way up are at 4364, 4408, 4433. Support is at 4294, 4224.
These are not for any particular day and are valid for MEDIUM TERM.

When indices are near or cross all time highs, some selloff is bound to happen due to selling by weaker hands. In any kind of these dips, consider it as an opportunity to buy only. Once again short term players keep stoploss of 4292 (Weekly Pivot) and positional players keep stoploss of 4260 (Monthly Pivot) and ride.

If one wants to catch bigger moves, one has to be prepared to give off some of its notional profits if trade turns against you partly. That is why stoploss is a little deep and off course our entry level is also way low near 4140.