Today's Nifty performance and trade ideas for 28th of August,2012

Today the Nifty opened at 5387 but could not make any significant move beyond 5399. It made a low of 5346 and has closed at 5350. the major world indices were also not doing well. As I mentioned in my previous post the Mondays performance was important, for the Nifty to make any new trend. So what is going to happen from this point onwards.

The pivot point stands at 5365. the Mid R1 which I used to always mentioned is 5375. Nifty can meet resistance at 5384. If it successfully clears this resistance then levels 5401 and 5418 are the levels to watch for. 

On the down side, support can be found at 5348 and 5332. If Nifty becomes weaker even lower levels are possible.

The major stocks that can lift Nifty upwards are not looking strong.Therefore, we can expect a weaker opening and see Nifty trying its best to travel upwards.

For Fibonacci fans i give below the pivots based on Fibonacci system 

Pivot        5365                                                         

                                                                                            

R3            5418            S1            5345          

R2            5398            S2            5333          

R1            5385            S3            5313          

                                                                                       

The above pivot levels are based on Fibonacci method

Happy trading