Nifty levels for 30th August,2012

Nifty on 30th August 21012

As expected the Nifty has not performed well. Various reasons can be attributed for the poor performance. From the charts we see there is more pain left. The 3 day moving average has crossed the 15 day average. Usually when this happens the Nifty drifts a bit more downwards. The MACD also warns us about Nifty’s weakness. The RSI is below 50 which is another indicator saying the nifty is on the down trend. The SMI is also coming down. Until we see a good reversal, which is now not is sight we cannot expect the nifty to do well.

At the time of this writing  the Nifty is already down 20 points standing at 5267, just hovering at S1. Bearing in mind the nifty is in short term down trend  the Nifty could see levels of Mid S2 The pivot level stands at 5305

Pivot levels for                        30th August 2012

Mid R3                        5379    R3       5391                                       

Mid R2                        5348    R2       5368                                       

Mid R1                        5317    R1       5328                                       

Pivot    5305                                                               

Mid S1                        5285    S1        5265                                       

MID S2           5254    S2        5243                                       

Mid S3                        5222    S3        5202                                       

The below mentioned  pivot levels are based on Fibonacci numbers

Pivot    5305   

R3       5368    S1        5281                                       

R2       5344    S2        5267                                       

R1       5329    S3        5243