Trading the Nifty on October 10th
In the last trading session
the nifty has opened above the pivot indicating a good run. It did see the high
point of 5728 and closed at 5704. The volume is also lower than the previous day.
This is disappointing and indicates weakness persists.
While the Europe is not
well today, the Asia pacific excepting Nikkei and Straight Times have done
fairly well. The chart pattern suggests that the Nifty can still lose some
points. If the nifty opens above 5704 it can still manage to touch the levels
of 5725, 5738 and above. On the downside it can test 5674,5662 and 5649.
NIFTY
|
CLASSICAL
|
CAMERILLA
|
FIBONACCI
|
Resistance 4
|
5733
|
||
Resistance 3
|
5781
|
5719
|
5755
|
Resistance 2
|
5755
|
5714
|
5735
|
Resistance 1
|
5730
|
5710
|
5723
|
Pivot Point
|
5704
|
5704
|
5704
|
Support 1
|
5679
|
5700
|
5684
|
Support 2
|
5653
|
5696
|
5672
|
Support 3
|
5628
|
5691
|
5653
|
Support4
|
5677
|
The above Pivot levels are
valid for 10th of October 2012
Happy Trading!!
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