Trading Nifty

Today I give below the Nifty chart for the current month

 Nifty is on the decline. It is now in the weaker zone. the MACD had crossed and given out a sell signal.T3 has also gives a sell call. The SMI has clearly indicated a down trend. Although heavy volume backed downing of Nifty index we can say this is a short term trend. the Long term and medium term trends still remain on the upper side. 

What to expect from here can be judged by the pivots points today's trade has given us.

Pivot levels for            28th August 2012

Mid R3    5394            R3            5405

Mid R2    5370            R2            5382

Mid R1    5347            R1            5358

Pivot        5335

Mid S1     5324            S1            5312

MID S2    5300            S2            5289

Mid S3     5277            S3            5265

 From the above chart we find the pivot point of 5335 is the important level Nifty should be hovering around. 5358 the level it has reached today remains the resistance. If this is broken we can expect the Nifty to touch 5370 and 5382. But the weak Nifty is unlikely to do this. On the contrary if levels like 5312 are broken will see Nifty touching 5300 and even further down.

For Fibonacci traders I give below the Fibonacci pivot points

Pivot        5335

R3            5382            S1            5318

R2            5364            S2            5307

R1            5353            S3            5289