Trading the Nifty on October 8th
Predicting the Nifty
with the data obtained on the last traded session is tricky, because of very
low figure of 4888.2 the Nifty touched during the early hours of trading. What I have
attempted is substituting of previous day’s low to arrive at the trading levels
of Nifty. Although this is not accurate, as I have always said that the Nifty is
very hard to predict particularly in this type of market.
The Nifty has to stay
above 5740 levels which it is holding out till date. As long as it stays above this level it is
good for the market. The levels to look for are 5757, 5770 and 5783 on the
upper side the 5783 would be a fairly good resistance for Nifty. On the lower
side the nifty can test 5732, 5719 and 5707.
The three types of Pivot
levels are listed below to guide the day traders.
|
NIFTY PIVOT POINTS
|
CLASSICAL
|
CAMERILLA
|
FIBONACCI
|
|
Resistance 4
|
5782
|
||
|
Resistance 3
|
5856
|
5765
|
5835
|
|
Resistance 2
|
5835
|
5759
|
5811
|
|
Resistance 1
|
5791
|
5753
|
5796
|
|
Pivot Point
|
5771
|
5771
|
5771
|
|
Support 1
|
5727
|
5741
|
5747
|
|
Support 2
|
5707
|
5735
|
5731
|
|
Support 3
|
5663
|
5729
|
5707
|
|
Support4
|
5712
|
Happy trading!
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