NIFTY (4359)

As expected at opening bell Nifty surpassed its earlier all time high by quite a margin but then could not sustain and immediately selling started and stayed on the whole morning before buying emerged in later part of the day. On the other hand Sensex exactly hit Monthly R1 and could not cross for rest of the day. Though Sensex gained 73 points, Nifty ended flat without any gains and all credit for this lopsidedness should go to Ongc which is having the heaviest weightage in the nifty.

Pivot Point trading levels for 5th JUL is as under.
S2 S1 PIVOT R1 R2
4318 4339 4362 4383 4406

Pivot Point trading levels for the Week 2nd-6th JUL is as under.
S2 S1 PIVOT R1 R2 R3
4207 4262 4292 4347 4377 4432

Pivot Point trading levels for the Month of JUL is as under.
S1 PIVOT R1
4158 4260 4421

10-DMA 4296
20-DMA 4232
30-DMA 4241

Resistances on the way up are at 4364, 4408, 4433. Support is at 4294.
These are not for any particular day and are valid for MEDIUM TERM.

Chart support is at 4342. Weakness will only be seen below it. Now if we do not break below 4342 tomorrow and we get past 4386, then we are all set to head for 4408 / 4421 / 4433 in coming days where positional players are advised to liquidate their positions for re-entering at lower levels.