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Bank Nifty Trading Levels for 8 july 2011 Bank Nifty Future Support and Resistance Levels Daily Bank Nifty Level (8 july 2011)
Trading as per the support and resistance levels may be quite useful for intraday and Positional trading in stocks and index. Resistance is termed as the level where the stock generally gets some opposite force before it can go further up. A support is the level where a stock get buying interest before it can fall further. Under the normal market conditions or in the absence of some extremely panic news the support and the resistance levels can act as good levels for initiating the buying / selling. In general it’s advisable to buy the stocks at support levels and sell at the resistance levels. In Intraday trading there are few support and resistance levels known as Support1 Support2, Resistance1 Resistance2 etc.
The support and the resistance levels for Bank Nifty can be in color coded form can be seen in the table below.
Bank Nifty Levels for (8 july 2011) are as follow

Pivot Level = 11408 Support1 = 11321 Resistance1 = 11546 Support2 = 11183 Resistance2 = 11633 Support3 = 11096 Resistance3 = 11771

the basic formula’s used for calculating the support and resistance is:-
Pivot point (P) = (H + L + C) / 3
First resistance level (R1) = (2 * P) L
First support level (S1) = (2 * P) H
Second resistance level (R2) = P + (R1 S1)
Second support level (S2) = P (R1 S1)
These levels are updated by NiftyLiveCharts.com Team

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