Trading the Nifty on October 4th

Trading the Nifty on October 4^th

The Asia Pacific region gave a good opening which led us to think there will be  a good show by Nifty. The Nifty opened at 5727  and went upto 5743, again came below the opening of 5727 to touch a low of 5715. The only positive thing was the closing which now stands at 5731. In my previous posts I have written that the Nifty is doing well on monthly charts. I still maintain that stand. The Nifty has the potential to go further upwards.

If we notice the Bank Nifty’ movement we can observe that it is slightly weak and travelling sideways. This had been happening in the last four trading days. This is also one reason why the Nifty is slowing down.

From here onwards what we can expect? 5730 is the new pivot. If the Nifty opens above the pivot it can climb to the levels of 5740, 5753 and 5766. On the lower side 5712, 5700 and 5687 are some levels which could be seen.

The below posted pivots are a guide to intraday traders.

NIFTY	CLASSICAL PIVOT POINTS	CAMERILLA PIVOT POINTS	FIBONACCI PIVOT POINTS
Resistance 4		5746
Resistance 3	5772	5739	5758
Resistance 2	5758	5736	5747
Resistance 1	5744	5734	5741
Pivot Point	5730	5730	5730
Support 1	5717	5729	5720
Support 2	5703	5726	5713
Support 3	5690	5724	5703
Support4		5716

I will not be posting any MCX trading levels today as I am engaged in some other work. Sorry!

Happy trading!