NIFTY (4297)

On friday morning, Nifty once again made a jump to 4326 making all time high and then after noon time, it started its steady decline till end of day closing flat. Since many days nifty has not been making a steady continuous rise through the day. It makes a jump then either goes sideways for most part of the day or goes in for slow decline then again spurts the next day and so on. Friday, Europe was once again strong and so was South America.

Pivot Point trading levels for 1st JUN is as under.
S2 S1 PIVOT R1 R2
4267 4282 4304 4319 4341

Pivot Point trading levels for the Week 4th-8th JUN is as under.
S2 S1 PIVOT R1 R2
4203 4250 4288 4335 4373

Pivot Point trading levels for the MONTH OF JUN is as under.
S2 S1 PIVOT R1 R2
3869 4082 4195 4408 4521

10-DMA 4263
20-DMA 4195
30-DMA 4166

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

Nifty is still above its 10-DMA which is at 4263. Major trendline support is at 4212. One can play on the long side keeping stoploss of a close below 10-DMA or keeping in mind intraday support of 4212 which is currently 85 points lower than the CMP.

Since Nifty is not making steady rise through the day, one can book profits at regular intervals and wait for entry again at lower levels. So the strategy which I am adopting currently is making entry then exit on rise again make an entry at lower level again exit and so on. First sign of weakness will only be seen once Nifty closes below 10-DMA.