Trading the Nifty on October 12th

Trading the Nifty on October 12^th

Today was news driven market. The Nifty was trading along the expected lines till afternoon. The European markets gave the boost to the Nifty and it rose to touch 5721 which was well above the opening of 5663.

In the coming trading session if the Nifty opens comfortably above the pivot of 5689 it can pass levels of 5731, 5756and 5776. If a downtrend emerges the Nifty could test levels of 5706,5681 and 5650

NIFTY	CLASSICAL	CAMERILLA	FIBONACCI
Resistance 4		5754
Resistance 3	5825	5731	5773
Resistance 2	5773	5723	5741
Resistance 1	5740	5716	5721
Pivot Point	5689	5689	5689
Support 1	5656	5700	5657
Support 2	5605	5693	5637
Support 3	5572	5685	5605
Support4		5662

^{The above pivot is meant  for daytrading valid for October 12th}

^{Happy Trading !!}