NIFTY (4387)

Taking cues from global markets and also from Infosys results, Nifty opened with gap down and hit the first chart support mentioned by me at 4345 and bounced from there not to see that level again right through the day. Nifty was resilent in going down after the initial drop and remained firm comparatively, right through the day. The amount of time spent at the lower level was not encouraging. I would have preferred Nifty to have spent some time atleast at the day`s lower level, forming a base for a further rally.

Pivot Point trading levels for 12th JUL is as under.
S2 S1 PIVOT R1 R2
4315 4351 4381 4417 4447

Pivot Point trading levels for the Week 9th-13th JUL is as under.
S2 S1 PIVOT R1 R2
4260 4322 4367 4429 4474

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

10-DMA 4358
20-DMA 4293
30-DMA 4265

Resistances on the way up are at 4433, 4503/4509. Support is at 4364, 4294.
These are not for any particular day and are valid for MEDIUM TERM.

Chart support is at 4358 and then at 4304. Only a close below 4367 would be bearish in extreme short term. Now keeping a stoploss of 4304 in mind, one can enter on any dips as not much weakness is seen and I do not expect much correction from here.