Nifty Entering Resistance Zone

By | February 16, 2010

Nifty after showing a late and well awaited 1.5% move today in dying hours of trade took everyone by surprise.

Now as per the current technical trend we are on a crucial juncture of trend change in coming 2-3 trading sessions.

From High of 5309 to 4675 if we calculate the Fibo Retracement:
5 WEMA at 4892
38% retracement comes at 4916
50% retracement comes at 4992, closer to week high ema.
Any sell off from 38% mark should be limited to 4822 which is 5 Day EMA.

Leave a Reply