Trading Nifty on 5th September

Nifty Pivot levels for 5^th September, 2012

In my last post I had mention that 5238 was an important level to cross. The Nifty had cleared that level to close at 5274, which is a good sign. The bank nifty and some IT stocks show signs of reversal. Although a big move cannot be expected Nifty could move upwards to the level of 5291 the first resistance level the Pivot point has not changed much staying at 5262.if some negative news pulls the Nifty down it could close around 5245, the first support level.

Mid R3          5321          R3            5336

Mid R2          5299          R2            5307

Mid R1          5276          R1            5291

Pivot              5262

Mid S1           5254          S1            5245

MID S2          5231          S2            5217

Mid S3           5208          S3            5200

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

Pivot              5262

R3                  5307          S1            5245

R2                  5290          S2            5234

R1                  5279          S3            5217

Happy trading!!