Technical Analysis

Here is the technical analysis of Nifty based on Pivot point and SAR (Stop and Reverse) analysis Hourly and daily.

Hourly_Chart

  

Hourly Pivot and SAR


Pivot points represent critical support and resistance levels. The general convention for use of pivot points is given below:
If market opens above pivot point then the bias for the day is long trades.
If the market opens below the pivot point then the bias for the day is for short trades.

Daily_Chart 



Daily Pivot and SAR

Signs of reversal or break-outs can be determined by looking at the R1 (initial resistance) or S1 (initial support)
The subsequent levels are indicatives for over bought or over-sold positions and used for exit strategy. Remember SAR analysis is used for trending market not for sideways trading.