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As of 11:28 AM IST on Thursday, January 4, 2024, the Banknifty pivot point is 47661.70. This is calculated by taking the average of the previous day's high, low, and close prices.
The other pivot points are as follows:
Support 1: 47524.60
Support 2: 47344.30
Support 3: 47207.20
Resistance 1: 47798.20
Resistance 2: 48014.70
Resistance 3: 48177.80
The Banknifty opened at 47657.10, which is above the pivot point. As of 11:28 AM IST, the Banknifty is trading at 47660.30. This suggests that the Banknifty is likely to continue to rise today.
Here are some specific trading strategies that can be used with pivot points:
Breakout trading: This strategy involves buying a stock when it breaks above a resistance level or selling a stock when it breaks below a support level.
For example, if the Banknifty breaks above the resistance level of 47798.20, it is likely to continue to rise. A trader could buy the Banknifty at the breakout point of 47798.20.
Reversal trading: This strategy involves buying a stock when it falls below a support level or selling a stock when it rises above a resistance level.
For example, if the Banknifty falls below the support level of 47207.20, it is likely to fall further. A trader could sell the Banknifty at the support point of 47207.20.
Range trading: This strategy involves buying a stock when it is trading within a range and selling it when it breaks out of the range.
For example, if the Banknifty is trading between the support level of 47207.20 and the resistance level of 47798.20, a trader could buy the Banknifty when it falls to the support level and sell it when it rises to the resistance level.
Of course, pivot points are just one tool that can be used for technical analysis. It is important to use other indicators and factors to make informed trading decisions.
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