Following the Indian Stock Market,Nifty,Sensex and Stocks,by various Technical Analysis Methods for Intraday,Swing and Positional Trading to deploy Personal Finance,Maximize the Profits and Create Wealth.The Blog shares my Nifty Trading Analysis and Trading Strategies. No Tips here.
When Nifty index closes below Support level 3 on Monday
With a decline of 88.5 points (1.66 %) , and Nifty index closing below Support level 3 , no doubt it is terrible start to the week for S&P Nifty index. We looked at the instances when Nifty index closes below Support level 3 ( as calculated with classic pivot formula ) , what is the likely-hood of weekly closing. Below is the table of all the prior instances where Monday saw a close below S3 level and the Nifty index change for the reminder of the week. This is 18th instance where Nifty had closed below S3 level at the start of the week. The average change for the remainder of the week stands at 1.58%. with 13 out of the 17 trades giving profits when went long at close.