Trading the Nifty today

Trading the Nifty on 31st August, 2012

 

The Nifty has opened above the pivot line travelled passed R1 to meet the resistance level of Mid R2 and settled at 5315 which is above the pivot level. The levels to look for in today’s trading is 5329 which is Mid R1 and R1 5354. On the lower side if Nifty opens weak, levels of 5285 and 5266 can be seen. Yesterday the nifty has attempted to rise from the lows of 5255. Today it is very difficult to predict the movement of the Nifty since the month ends. There could be a volatile trading. Today is a day to watch the movement of Nifty.

Pivot levels for                31st August 2012

Mid R3         5417          R3           5441

Mid R2         5373          R2           5392

Mid R1         5329          R1           5354

Pivot             5304

Mid S1          5285          S1            5266

MID S2         5241          S2            5217

Mid S3          5197          S3            5178

                                                     

The below written  pivot levels are based on Fibonacci numbers meant for Fibonacci traders.

Pivot             5304

                                                                            

R3                 5392          S1            5271                            

R2                 5359          S2            5250                            

R1                 5338          S3            5217       

The following chart is posted for the use of currency traders

	R3	R2	R1	Pivot	S1	S2	S3
EURINR-I	70.2967	70.2158	70.1142	70.0333	69.9317	69.8508	69.7492
GBPINR-I	88.8633	88.7317	88.5683	88.4367	88.2733	88.1417	87.9783
JPYINR-I	71.3583	71.2542	71.1208	71.0167	70.8833	70.7792	70.6458
USDINR-I	56.3608	56.2417	56.0583	55.9392	55.7558	55.6367	55.4533

I wish my viewers Happy trading!