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Nifty Levely for Today
Friday, June 8, 2007
NIFTY (4180)
Yesterday Nifty opened weak at 4130 and bounced immediately to touch high of the day at 4230. It could not stay above 4224 and from there it was down the whole day showing weakness on every rise. Yesterday it breached both 10 & 20-DMA. Today it breached 30-DMA also and closed below it. Global weakness is seen all round even today and hence pressure on our markets too is seen. Volatality was quite high today and hence turnover was also high because of it at 15300 crores.
Yesterday Nifty opened weak at 4130 and bounced immediately to touch high of the day at 4230. It could not stay above 4224 and from there it was down the whole day showing weakness on every rise. Yesterday it breached both 10 & 20-DMA. Today it breached 30-DMA also and closed below it. Global weakness is seen all round even today and hence pressure on our markets too is seen. Volatality was quite high today and hence turnover was also high because of it at 15300 crores.
All other global indices like Dow, Brazil, Straitstimes, Kospi, Ftse, Dax, Cac, Shanghai etc etc except India, Hangseng and Nikkei have recovered from their February global sell off levels and have nearly gained double the fall amount and are now correcting again, whereas, India (Sensex), Hangseng, Nikkei has barely recovered the lost ground of Feb and are correcting again.
Pivot Point trading levels for 8th JUN is as under.
S2 S1 PIVOT R1 R2
4081 4130 4180 4230 4280
Pivot Point trading levels for the Month of June is as under.
S2 S1 PIVOT R1 R2
3869 4082 4195 4408 4521
10-DMA 4257
20-DMA 4225
30-DMA 4187
50-DMA 4065
Resistances on the way up are at 4224, 4294, 4364, 4433, 4503. Support is at 4138.
These are not for any particular day and are valid for MEDIUM TERM.
Today, for any kind of bullishness to resume Nifty needs to close above 4187 and double confirmation would be got once it closes above 4224. Volatality has increased and hence be watchfull with your trades as it can get choppy. Sometimes doing nothing is the best thing specially when we do not know yet, if the low has been formed. Let some indication be got that low has been formed before any directional call is taken.
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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.
