Trading the Nifty on October 9th

Trading the Nifty on October 9^th

Today the Asia pacific region  except for Nikkei did not look well. The Europe too was in the red at the time of writing this blog. The nifty certainly did not fair well today. The Nifty chart is not looking good at all. The nifty could lose more points if this trend continues. The lower volume confirms this. Some indicators like T3, ADX and SMI are pointing at more pains to come. The Nifty below 5700 levels is not a good sign. Because the 5700 levels was considered safe and tolerable by many analysts. Today’s fall in Nifty gives us a clear warning.

If the Nifty opens above the pivots, it should cross 5733 which is an important level. Crossing this level can take the Nifty to 5762 and 5775. On the lower side a weak nifty could test the levels of 5658, 5627. Extreme care to be exercised at this point because the Nifty is at a crucial level.

The Pivot levels for trading the Nifty on 9^th of September are listed below.

NIFTY	CLASSICAL	CAMERILLA	FIBONACCI
Resistance 4		5723
Resistance 3	5815	5700	5784
Resistance 2	5784	5692	5751
Resistance 1	5730	5684	5731
Pivot Point	5698	5698	5698
Support 1	5644	5668	5665
Support 2	5612	5660	5645
Support 3	5559	5652	5612
Support4		5629

Happy trading!