Khushi ji,
I just happened to step on this equation while browsing. Is this the right way to calculate the support & resistance ?
1. I took the 2 min Candle ( left all fractions ) :
Open : 4731, High : 4731, Low : 4710, Close : 4710
2. Calculate Pivot point using Pivot Point = ( High + Close + Low )/3
3. Calculate Resistance 1 = 2 * Pivot - Low, which happens to be 4724
4. Next candle perfectly shows 4724 is the resistance.
Note : Above data is from Google finance today Nifty 2 mins chart
Equation :
Resistance 2 = Pivot + (R1 - S1)
Resistance 1 = 2 * Pivot - Low
Pivot Point = ( High + Close + Low )/3
Support 1 = 2 * Pivot - High
Support 2 = Pivot - (R1 - S1)
Please reply at your convenience,
Thanks and Regards,
Anish Nataraj