NIFTY PIVOTS
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HIGH
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LOW
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Pivot 1
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6312 ( November’10)
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5690 (November’10)
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Pivot 2
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6134 (December’10)
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5310 (February’11)
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Pivot 3
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5824 (April’11)
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5366 (June’11)
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Pivot 4
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5661 (July’)
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4747 (August’11)
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Pivot 5
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5361 (October’11)
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4650 (December’11)
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Pivot 6
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5564 (February’12)
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4841 (June’12)
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Pivot 7
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5316 (July’12)
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5100 (July’12)
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As can be seen from the pivots, Nifty is begninig to form higher lows. The Symmetrical Triangle Pattern will be confirmed once the nifty breaks out of 5564 levels. The indicators such as Moving Averages and KST are giving Bullish signals on weekly charts.
Over all the pattern seems bullish for Nifty. The level to watchout on down side is 5100. Only if nifty falls below 5100 the uptrend might be in danger.
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