Trading the Nifty on 23rd August

Not a very good day for Nifty
Not a very good day for Nifty. It was moving in a very narrow range appeared to be struggling to hold the ground. During most of the market hours. Today’s behavior of nifty is largely due to the weak opening of Asian markets.  It was well below 5420. But the point to note is it has managed to stay above 5400 level. I think this is very important level which suggests that nifty has not lost its strength. The lows it touched was 5394 which was also close to 5400. Again this shows the Nifty is trying to hold its ground, 5433 the  high it touched  becomes the important level the Nifty must cross. Once this level is reached  5452 will be the next target. On the lower side if the Nifty trades below the pivot point of 5414 or 5400, 5394 can become a support. But going down side below this level will likely to see  5375 and below which we hope not happen.  I have attached 2 types of pivot below the first one is the popular way of calculation. The other one is based upon Fibonacci methods. It is up to the viewers to choose wherever suits them better Happy trading Pivot levels for 23rd August 2012 Mid R3 5462 R3 5471 Mid R2 5442 R2 5452 Mid R1 5423 R1 5433 Pivot 5414 Mid S1 5404 S1 5394 MID S2 5385 S2 5375 Mid S3 5365 S3 5355 Pivot 5414 R3 5452 S1 5399 R2 5437 S2 5390 R1 5428 S3 5375 The above pivot levels are based on Fibonacci method