NIFTY (4250)

Tuesday we closed bullish and everytime we come to a point of a nice upmove something or the other comes in its way. This time, of all the index, it was Shanghai which played the spoil sport which crashed 7%. Even after having such bad cues, our index was quite firm and we stayed in positive for about 2 hours and then finally buckled to global pressures and we had a steady decline since noon closing at the lows of the day.

It was more of a local problem with Shanghai and one must realise that in last 5 months, Shanghai has move from 2700 to 4300 in year 2007 which is a whopping 59%.
Compared to Shanghai how other indices have fared in 2007 ..... take a look....


Singapore ...... 3000 to 3500 = 16%
Nifty .......... 4000 to 4300 = 8%.
Dow .......... 12500 to 13500 = 8%
Nasdaq ..... 2400 to 2600 = 8%
FTSE .......... 6200 to 6700 = 7%
Hangseng .... 20000 to 21000 = 5%
Nikkei ......... 17250 to 17750 = 3%

Pivot point trading levels for 31st May is as under.
S2 S1 PIVOT R1 R2
4203 4227 4264 4288 4325

Pivot point trading levels for the Week is as under.
S2 S1 PIVOT R1 R2
4077 4162 4227 4312 4377

10-DMA 4247
20-DMA 4179
30-DMA 4147

Resistances on the way up are at 4294, 4364, 4433, 4503. Support is at 4224, 4138.
These are not for any particular day and are valid for MEDIUM TERM.

Today Nifty just managed to close above its 10-DMA which it has been doing since 14th of May. Everyday these DMAs are moving up by about 8 points. So for tomorrow 10-DMA should be around 4255 and 20-DMA around 4187.