Currency Trading Pivot range for 7th Friday, September,2012

Currency Trading Pivot range for 7^th Friday, September,2012.

All the currency pairs have traded in the red on 6^th Thursday. The charts too suggest that some weakness is setting in. therefore it will be advisable not to go long unless Nifty loses too many points in intraday. I have to quote Nifty here because currencies especially USD shows a certain relationship with the movement of Nifty. Traders please take note of this point before entering trade.

The trading range for currency pairs at MCX is posted below

	EURINR-I	GBPINR-I	JPYINR-I	USDINR-I
R3	71.1400	89.6033	71.9542	56.4225
Mid R3	71.0575	89.5163	71.8600	56.3625
R2	70.9750	89.4292	71.7658	56.3025
Mid R2	70.8300	89.2800	71.6163	56.1963
R1	70.6850	89.1308	71.4667	56.0900
Mid R1	70.6025	89.0438	71.3725	56.0300
Pivot	70.5200	88.9567	71.2783	55.9700
Mid S1	70.3750	88.8075	71.1288	55.8638
S1	70.2300	88.6583	70.9792	55.7575
MID S2	70.1475	88.5713	70.8850	55.6975
S2	70.0650	88.4842	70.7908	55.6375
Mid S3	69.9200	88.3350	70.6413	55.5313
S3	69.7750	88.1858	70.4917	55.4250

  Happy trading!

Trading Nifty on 7th September 2012

 Trading Nifty on 7th September 2012

The last trading session has seen the Nifty touching levels of 5260 but lost about 22 points to close at 5238. From the opening price it had been on the rise showing some strength. From the charts we can see the IT index which had performed well had given its support to the Nifty. The pivot level for 7^th Friday stands at 5239, which I believe is an important level. If the nifty manages go up passing this level or even holds on to this level there is a good chance to believe that the nifty might recover. 

On the other side if the nifty does open below the pivot level it may trigger selling which will pull down the index towards 5228 and 5217. The FMCG index has lost 1.7% in the last session which was not helpful to Nifty. If this trend continues Nifty can see lower levels mention above.

I give below the pivot level for Nifty for trading on 7^th Friday 

Pivot levels for
Mid R3	5292	R3	5303
Mid R2	5271	R2	5282
Mid R1	5250	R1	5260
Pivot	5239
Mid S1	5228	S1	5217
MID S2	5207	S2	5196
Mid S3	5185	S3	5174

The below given pivot levels are based on Fibonacci numbers for Fibonacci traders

Pivot         5239        

                                            

R3             5282         S1     5222

R2             5265         S2     5212

R1             5255         S3     5196

Happy trading!