As discussed in previous post Nifty is within touching distance of 11,700. Current Nifty pivot is at 11,410 as long as this holds Nifty will look to break it’s all time high of 11,760 seen on August 28th. 2018. A break of 11,410 on the downside would see Nifty slide towards 11,220 and 11,100.
Next week we have an important RBI policy statement. Both Index would see sideways movement and would be very volatile.
Today I would like to discuss about “Pivot” points, they represent significant points in the progression of prices where the direction of the price movement changes from up to down or from down to up. The price interval between a low Pivot and the next high Pivot, or from a high Pivot to the next low Pivot will be referred to interchangeably in this post as a “Swing”.
As a Swing trader I try to exploit the swings of the market with as little exposure to risk as possible. Swing trading consists of looking for optimum times to jump in at the beginning of a new swing and exiting at or near the end of that swing to await the development of a new swing trading opportunity.
A successful swing trader is like a surfer, waiting offshore on his board for just the right wave to ride to the beach. He may let several waves go by, because they don’t “feel” quite right, or maybe he wasn’t paying attention and missed catching the wave until it was too late, but he doesn’t mind, because there will always be another wave, and in the meantime he waits patiently. One of the most important attributes of a successful Wave Trader is patience.
Currently I am doing the same waiting for the right wave to ride.
Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes
–JESSE LIVERMORE
ArthaNiti 
Previous nifty target of 11700 was good, I thought nifty would go down.
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