NSE India Nifty Trend Analysis -26 Nov 2012 Part -II

By | November 25, 2012

Fibonacci technique

Fib retracements

 

Fibonacci Ratios are drawn in above chart from 5217-5815 showing fibonacci support and fibonacci resistance. 5585 was broken but nifty closed above 5585 on Weekly basis . fibonacci resistance comes at 5652-5672 range.

As discussed earlier Fibonacci fan helps in finding potential tops and Bottom of market from short term prospective. If we see the chart closely Nifty has formed a swing top at 5815 as discussed .Now NS has  Fibonacci resistance at  5652-5672 which was support on previous occasion as per previous Fibonacci fan.

 

Nifty Weekly Chart

Nifty was up by 0.92% WoW basis, and bounced from trendline  support of rising trendline. Weekly High of 5718 will continue to act as strong resistance for the upmove.

Trading Monthly charts

 

 Close above 5217 is bullish for market for rest of year.Support on Monthly charts comes at 5514 and resistance at 5661.The two-star formations in the monthly candlestick chart denote indecision. Since this occurs after a strong up-move from the low formed in June, Nifty trades ought to tread cautiously since there can be a break-out in either direction from these levels.

 Nifty Trading Levels

Nifty Trend Deciding Level:5652

Nifty Resistance:5672,5701 and 5725

Nifty Support:5593,5548 and 5527

Levels mentioned are Nifty Spot

Read the Weekly Analysis Part I


Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict Sl

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