Trading Nifty on 3rd September,2012

Pivot levels for 3^rd September 2012

The Nifty has become weak and traveling in a bearing zone. The pivot level has come down to 5267 levels. If Nifty opens below 5267 then it will again confirm a downward journey. 5238 is an important level to watch for. Various reasons can be attributed for this trend. Many of the popular indicators do point Nifty's weakness. Unless the Bank Nifty which is in the oversold zone makes comeback the Nifty will have to remain in a tight trading range. This week is  going to crucial for Nifty. 

The following chart gives and outline of what could be the trading levels for Nifty.

                                          

Mid R3       5345    R3       5359

Mid R2       5313    R2       5331

Mid R1       5281    R1       5295

                                          

Pivot           5267               

                                          

Mid S1       5249    S1       5231

MID S2      5217    S2       5203

Mid S3       5184    S3       5166

The traders who follow Fibonacci numbers I give below the chart based on Fibonacci numbers

Pivot        5267                                                        

                                                                                

R3           5331       S1           5242                          

R2           5307       S2           5227                          

R1           5291       S3           5203      

Happy trading!