As discussed earlier Fibonacci fan helps in finding potential tops and Bottom of market from short term prospective. If we see the chart closely with Fibonacci fans 5945-5963 is level of resistance, Nifty reacted from 5965 and now support is at 5820.
Nifty Weekly Chart
Close above 5217 is bullish for market for rest of year, I have been writing this for almost 6 months and Nifty has made almost 20% return for the Year 2012.Support on Monthly charts comes at 5787 and resistance at 5965.As per Historical data December has been 3-4% move month in Nifty and till now we have formed a DOJI candelstick on Monthly chart so next weeks will be crucial. Will be see Santa Rally before expiry?
Nifty Trading Levels
Nifty Trend Deciding Level:5883
Nifty Resistance:5915,5965,6025 and 6069
Nifty Support:5825,5771 and 5720
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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