Sunday, March 29, 2009

How to calculate Nifty Pivot Points?


Method to Calculate Pivot levels for a day

First download this software from here for calculating pivot levels. You will need data for yesterday's High,Low & Close for Nifty to be able to calculate. You can get that here.

Just put in the data in the software & it will generate the levels for you. Infact the formula for calculating pivot levels is very easy. You can do it yourself if you want to. Here's how to do the same.

Pivot point = (High+Low+Close)/3
Range = High-Low

Support 1 = 2*Pivot Point - High
Support 2 = Pivot Point - Range

Resistance 1 = 2*Pivot Point -Low
Resistance 2 = Pivot Point + Range


I will soon write a post on how to use pivot points to trade intraday. In the meantime you could also look at how to calculate RSI for Nifty & to use the same to generate trading signals - http://niftyrsi.blogspot.com

Also have a look at the best chart setup to trade Nifty/Stock Futures Intraday - http://niftyintradaytrading.blogspot.com/

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