Pivots are used by many traders as intraday points of buying and selling.
Today Nifty got sold off right from the first pivot resistance and the support was mid pivot. Since the pivots were quite wide today (difference of 40 points between the bands) the touch of first support pivot should not be expected. One more reason was that the Nifty is giving down day from last 3 days, so some bounce back can be expected.
Now when any index falls from pivot resistance levels then it portends weakness in future and vice versa.
The other major thing was ORB trade i.e. Opening range breakout trade which is profitable form last two days.
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