indrajit_16
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On Friday, Nifty closed 0.3% up at 4587. Nifty is showing immense resistance between 4585-4650 level. We have seen very narrow and range bound movement in Nifty on last trading session. My immediate target in Nifty 4650 has almost achieved on Friday as Nifty made an intraday high of 4637, 13 points short of my target (see my last post). Now a couple of more closes above 4509 will show further upward levels like 4789. On the other hand, respect of the current resistance level and a close below 4509 will warn immediate trend reversal and will indicate retest of lower support at 4100. Flat and negative momentum indicators suggest lower or rangebound moves possible in near term.
Nifty Pivot Levels For Tomorrow:
R3 - 4703, R2 - 4670, R1 - 4629, Pivot - 4595, S1 - 4554, S2 - 4520, S3 - 4479.
Intraday trading idea: Buy Nifty future if the spot trades and sustains above R1 for target of R2/R3, sell Nifty future if the spot trades and sustains below S1 for target of S2/S3. Cheers!!
Regards
Indrajit
![nsei.png](/proxy.php?image=http%3A%2F%2Fimg524.imageshack.us%2Fimg524%2F4200%2Fnsei.png&hash=3195793c10a8809736bc3c33221ac825)
Nifty Pivot Levels For Tomorrow:
R3 - 4703, R2 - 4670, R1 - 4629, Pivot - 4595, S1 - 4554, S2 - 4520, S3 - 4479.
Intraday trading idea: Buy Nifty future if the spot trades and sustains above R1 for target of R2/R3, sell Nifty future if the spot trades and sustains below S1 for target of S2/S3. Cheers!!
Regards
Indrajit