19th May, 2013
|PIVOT POINT TRADING - for NIFTY SPOT|
After hitting 6115 on 11th May Nifty corrected to 5970 which was 23.6% correction to the entire move from 5477 and then sharply rebounded to make new recent high at 6200 last friday.
As per chart below, Upper Channel line is at 6260 and Nifty may very well do it in coming week. Needs to be seen thereafter how it behaves there.
As long as Nifty stays above the BLUE line, look to buy on dips near to the blue line as the entry price will be very close to your stoploss. If breaks then reverse the position.