TRADING THE NIFTY ON 8th NOVEMBER
Yesterday I wrote about the Nifty’s
return to stronger zone. Last session confirms this opinion. The Nifty has made
a good move touching 5777 levels. The satisfactory volumes also suggests that
the Nifty is returning to bullish zone.
Today as I write this post the Asia
pacific is trading in the red. The DOW has lost 312.95 (2.36%) points. This may have some impact
on our market too. Therefore trading has to be done very carefully. From here onwards
the Nifty can see 5775 and 5788 levels on the upper side. On the lower side if
a negative trend sets in levels of 5737, 5724 and 5712 can be tested.
The pivot levels for trading on 8th November
|
NIFTY
|
Classical
|
Camarilla
|
Fibonacci
|
DeMark
|
|
Resistance 4
|
5796
|
|||
|
Resistance 3
|
5854
|
5778
|
5816
|
|
|
Resistance 2
|
5816
|
5772
|
5790
|
5816
|
|
Resistance 1
|
5788
|
5766
|
5775
|
5788
|
|
Pivot Point
|
5750
|
5750
|
5750
|
5750
|
|
Support 1
|
5722
|
5754
|
5724
|
5722
|
|
Support 2
|
5684
|
5748
|
5709
|
5684
|
|
Support 3
|
5656
|
5742
|
5684
|
|
|
Support4
|
5724
|
Happy trading
As per Federal bank technical research report one should go short in this counter. Federal bank is looking quite weak at current level and is expected to fall further. Positional traders can go short in Federal bank from current level for good gains.
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