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Nifty Levels
Tuesday, July 24, 2007
NIFTY (4619)
On monday right from the opening bell it was just one way journey and that`s up and up hitting the weekly R1 target of 4628 by end of the day. Not even slightest volatality was seen on monday.
Pivot Point trading levels for 24th JUL is as under.
S2 S1 PIVOT R1 R2
4517 4568 4598 4649 4679
Pivot Point trading levels for the Week 23rd-27th JUL is as under.
S2 S1 PIVOT R1 R2 R3
4392 4479 4540 4627 4688 4775
Pivot Point trading levels for the Month of JUL is as under.
S1 PIVOT R1 R2 R3
4158 4260 4421 4523 4684
10-DMA 4500
20-DMA 4417
30-DMA 4345
Resistances on the way up are at 4671. Support is at 4590, 4503, 4364.
These are not for any particular day and are valid for MEDIUM TERM.
Currently, market is defying all laws of gravity, and under such situation, it`s best to do nothing and sit out, as it is achieving upper targets but is not giving pullback at any of the resistance point, and is just moving forward.
Still No weakness is seen as yet, infact lot of strength is being seen, but still I prefer to stay away from longs. Monday`s high of 4628 is also one of the turning point level for a correction. Will it happen? Guess not. Then next turning point is at 4671 which looks very possible.
So now what to do?
Option 1: Just sit out and watch from outside and wait for first sign of weakness, which for tomorrow is a close below 4520 which is 100 points lower from here.
Option 2: Close to resistance points one can go short, if crossed and stays above, then squareoff and short at the next resistance point. One can use weekly pivot points for this.
Option 3: Another way for those who can take risk would be to start shorting in a phased manner at every 25 or say a 50 point rise in the August series.
Option 4: Take your call and ride the mad wave.
At the same time one must remember that since 18th of June there has been no sell signals received at all. It is just that we are anticipating a turnaround at critical resistance points, after an excellent run from 4100. This being F&O expiry week and hence, possibility of a correction looks likely only after f&o expiry.