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Nifty Levels

Friday, July 27, 2007

NIFTY (4620)

Yesterday was F&O settlement day and now we are over and done with and as usual in final hour there is a spike up in the Nifty which was seen even in this settlement and nothing needs to be construed by the last hour up move.

Pivot Point trading levels for 26th JUL is as under.
S3 S2 S1 PIVOT R1 R2
4533 4552 4586 4605 4639 4658

10-DMA 4559
20-DMA 4467
30-DMA 4391

Resistances on the way up are at 4671. Support is at 4590, 4503, 4433, 4364.
These are not for any particular day and are valid for MEDIUM TERM.

All global markets have been correcting except ours and that too after such a glorious run from 4100, and now with f&O settlement out of the way, expect the correction to start any time from tomorrow, possibly from opening bell itself.

Today first sign of weakness will be, if we close below 4575. If you are lucky to get Nifty futures at thursday`s closing price or higher, just go short and sit tight with your positions. Yesterday, even the heaviest weight age stock in the Nifty i.e. Reliance achieved its intermediate target of 1944 and hence at least I don`t expect help of it either.

Posted by FR at 9:54 AM  


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