Nifty Page:25-10-2012

On range-bound days,easiest intra-day trades are based on pivot points. Unless the stubborn 5630-5730 range breaks, this trading strategy would remain most fruitful.

NIFTY levels generated based on 2012-10-23 data for the next trading day.

Level Type	R5	R4	R3	R2	R1	Pivot	S1	S2	S3	S4	S5
CAMARILLA PIVOTS	5734.69	5713.04	5702.22	5698.61	5695.01	-	5687.79	5684.19	5680.58	5669.76	5648.12
FIBONACCI PIVOTS	5761.55	5747.94	5737.23	5722.20	5712.92	5697.88	5682.85	5673.57	5658.53	5647.83	5634.22
PIVOT POINTS	5855.28	5815.93	5776.58	5737.23	5714.32	5697.88	5674.97	5658.53	5619.18	5579.83	5540.48

As I have mentioned previously, the range bound sessions for last 2 weeks have resulted in the 5/10/20 DMAs getting converged in 5685-5695 zone.

Global action for last two days was on bearish side and therefore today's opening is likely to be weak but thereafter the expiry-day factors would take over and the likelihood of breaking 5630-5730 range on either side is minimal.

Would be watching 5658.25 with interest as its breach would add a weakening note to the expiry session

EOD post:
Although the Trendline was tested but was not breached so 5658 was not under any threat.
However,neg divergence in 5 min charts was quite prominent showing a lack of strength. Again 5730 is likely to be safe.