NIFTY (6074) Nifty opened, hitting high of the day in the very first minute and then selling took over and it could not recover till the end, infact closing at days low. Nifty fell 207 points from days high. Yesterday no afternoon buying was seen and infact selling intensified.
Pivot Point trading levels for 16th JAN is as under.
S2 S1 PIVOT R1 R2
5922 5998 6129 6205 6336
Pivot Point trading levels for the Week 14th - 18th JAN is as under.
S2 S1 PIVOT R1 R2
5978 6089 6223 6334 6468
Pivot Point trading levels for the Month of JAN is as under.
S1 PIVOT R1
5814 6000 6323
10-DMA 6211 20-DMA 6082
30-DMA 6052 50-DMA 5925
Resistances on the way up are at 6174, 6288.
Support is at 6060, 5918.
These are not for any particular day and are valid for MEDIUM TERM.
Chart Support is at 6025 and then at 5947.
Yesterday it closed below 20-DMA and instead of saying it took support at 30-DMA, I should say, it halted at 6053 as the markets closed at that point for the day.
Now nifty has given us a direction that it wants to go down. So now 6113 and 6129 would become stiff resistance. If Nifty bounces today without correcting further at opening bell due to being oversold, then it can go upto these levels and then selling should once again be seen taking it down. Now one can short near 6113 level keeping a stoploss of 6150. If for any reason nifty stops at some level before 6113 on the pullback and turns around, then one can even go short from there.
Nifty has now turned bearish and it can turn bullish only if it can close above 6082 and more so above 6113.
A close below 5925 would confirm that an intermediate top has been formed at 6357 and further deep correction is in store. Infact break of 6000 would give us first indications that an intermediate top has most likely been formed.
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