Trading the Nifty on 16th
October 2012
The Nifty has not improved from its position of last trading session. Still
the narrow range is seen in Nifty. It is still in the bearish zone. As I wrote
yesterday, more data is needed to predict the Nifty. I believe today the Nifty
could tell us the direction where it will go from here.
The pivot level given yesterday is still valid for trading today too..5689,5714
are the two important levels it should negotiate.. On the downside it could
test 5664, 5639. . Pivot levels for day traders are listed below.
|
NIFTY
|
Classical
|
Camarilla
|
Fibonacci
|
|
Resistance 4
|
5711
|
||
|
Resistance 3
|
5746
|
5699
|
5720
|
|
Resistance 2
|
5720
|
5695
|
5704
|
|
Resistance 1
|
5704
|
5691
|
5694
|
|
Pivot Point
|
5677
|
5677
|
5677
|
|
Support 1
|
5661
|
5683
|
5661
|
|
Support 2
|
5635
|
5679
|
5651
|
|
Support 3
|
5618
|
5676
|
5635
|
|
Support4
|
5664
|
Happy trading
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