Nifty Pivots - last week and next week!!

Pivot points on the Nifty computed last week , acted as useful reference technical levels for investors and traders during the week just ended.

The following is the Hourly chart of the Nifty showing the Nifty movement in reference to the weekly pivot points which we tracked last week.



Also, on May 22 I had indicated the possibility of a down ward break of the support line of the ongoing 'channel'. The channel was broken on Friday and the Nifty closed much below the support line as also much below the Weekly pivot point support S1 which was placed at 4992.

For the coming week the key pivot points are depicted in the second chart .



The main Pivot is at 5016 while the resistance R1 is at 5091 and support S1 is at 4872.

This week too we shall observe the Nifty behaviour taking reference of the pivot points to give us an indication of then market's direction.

Happy trading !!

CA Rajiv D Khatlawala