Nifty Pivot Point

The pivot point is the average of the previous day's high, low, and closing prices. The support and resistance levels are calculated based on the pivot point. The levels above the pivot point are considered to be resistance levels, while the levels below the pivot point are considered to be support levels.

Traders can use pivot points to identify potential trading opportunities. For example, if the price of Nifty breaks above the R1 resistance level, it could signal that the price is likely to continue to rise. Conversely, if the price of Nifty breaks below the S1 support level, it could signal that the price is likely to continue to fall.

Of course, pivot points are not foolproof indicators, and it is important to use them in conjunction with other technical analysis tools. However, they can be a valuable tool for traders who are looking to identify potential trading opportunities.

It is important to remember that pivot points are just one of many technical analysis tools that can be used to trade the Nifty. There is no guarantee that the price of Nifty will respect the pivot points, and traders should always use their own judgment when making trading decisions.