Nifty trade on Monday

NIFTY CHART TILL 7^th SEPTEMBER 2012

In the last trading session, the Nifty made a big up move triggered by word indices. It is now above the 50 day moving average which is 5263. As long as Nifty maintains this level it can go further up. The T3 signal has shown a reversal. Many NSE indicators like Bank Nifty, NSE IT are showing patterns of reversals. There is good reason to believe the Nifty will travel up in the coming week. 

The global indices led by DOW which was responsible for the Friday’s performance also showing some strength after days of sluggish performances. From this point onwards what we can expect from Nifty?

The Nifty’s pullback has some strong background. The pivot level is 5333. The closing price of 5342 itself is a very important level Nifty should maintain. If the Nifty successfully negotiates the resistance point of 5356, then levels of 5367 and  5379 can be within the reach of Nifty. 

If the Nifty by some reason fails to maintain the levels it has come so far it may climb down to 5315 and below. I give below the pivot levels for Nifty traders. Resistant level and volume should be kept in mind before taking any decision.

Pivot levels for       Trading Nifty on September 10^th           

                                                   

Mid R3       5383    R3                 5394

Mid R2       5364    R2                 5371

Mid R1       5345    R1                 5356

                                                   

Pivot           5333                        

                                                   

Mid S1        5326    S1                 5318

MID S2       5307    S2                 5295

Mid S3        5288    S3                 5281

 Happy trading !!