Nifty Pivots for current week
==============================
The weekly pivot level for the current ongoing week is placed at 5080 which gives us a broader perspective as to the market's bias.
Weekly resistance is strong initially at the retracement level of 5150 and then a 'pivot point' resistance level of 5245 .
Support is now at 5060 based on retracement level and a strong support at 4992 based on the Pivot.
It will be interesting to see how the market behaves and respects these pivot / retracement levels n the current ongoing week.
Today for instance, on the first trading day the Nifty touched a low of 5072 and closed at 5104 (above the pivot of 5080)
If the Nifty closes below the Pivot of 5080, one needs to change the view to bearish. Till then the bulls are still holding on!
Happy observing !
CA Rajiv D Khatlawala
3 comments:
THIS ARTICLE IS GOOD. I WOULD LIKE TO RECEIVE YOUR COMMENT ON ACC AND INDIA CEMENT.
Interesting lets c, if the pivot holds.
I presume the levels did hold today ... I presume every one saw the Nifty taking support at 5060 retracement level indicated !!
CA Rajiv
Post a Comment