Nifty trading on 25th Octobber

Trading the Nifty on 25^th October 2012

It is clear form the above chart the direction of the nifty is more or less moving in sideways. Point to note is it is consolidating. The last trading session has been governed largely by falling European indexes and Asia Pacific region. This is not the first time it is happening and will be not the last time certainly.  Therefore there is not much to be taken very seriously. The Nifty has all the potential to climb higher.

Since Nifty is trading in a narrow range we can expect it to gain or lose only a few points  from here onwards the nifty can move upwards till 5729 where it faces a resistance. Since the volume is falling we cannot expect it break this resistance and reach thee next level of 5742. On the down side 5679 and 5666 are the levels to look for

NIFTY	Classical	Camarilla	Fibonacci
Resistance 4		5713
Resistance 3	5754	5702	5737
Resistance 2	5737	5699	5722
Resistance 1	5714	5695	5713
Pivot Point	5698	5698	5698
Support 1	5675	5688	5683
Support 2	5659	5684	5674
Support 3	5636	5681	5659
Support4		5670

The  above pivots for day traders valid for 25^th October

Happy trading