Trading Nifty on 7th September 2012

 Trading Nifty on 7th September 2012

The last trading session has seen the Nifty touching levels of 5260 but lost about 22 points to close at 5238. From the opening price it had been on the rise showing some strength. From the charts we can see the IT index which had performed well had given its support to the Nifty. The pivot level for 7^th Friday stands at 5239, which I believe is an important level. If the nifty manages go up passing this level or even holds on to this level there is a good chance to believe that the nifty might recover. 

On the other side if the nifty does open below the pivot level it may trigger selling which will pull down the index towards 5228 and 5217. The FMCG index has lost 1.7% in the last session which was not helpful to Nifty. If this trend continues Nifty can see lower levels mention above.

I give below the pivot level for Nifty for trading on 7^th Friday 

Pivot levels for
Mid R3	5292	R3	5303
Mid R2	5271	R2	5282
Mid R1	5250	R1	5260
Pivot	5239
Mid S1	5228	S1	5217
MID S2	5207	S2	5196
Mid S3	5185	S3	5174

The below given pivot levels are based on Fibonacci numbers for Fibonacci traders

Pivot         5239        

                                            

R3             5282         S1     5222

R2             5265         S2     5212

R1             5255         S3     5196

Happy trading!