NSE India Nifty Trend Analysis -03 Dec 2012 Part -II

By | December 2, 2012

Fibonacci technique

Fib retracements

 

Fibonacci Ratios are drawn in above chart from 4555-5633 showing Fibonacci support and Fibonacci resistance. 5945Fibonacci resistance on Weekly basis

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 5930-5945 is level of resistance.

 

Nifty Weekly Chart

Nifty was up by 4.5% WoW basis, and bounced from trendline  support of rising trendline. Weekly High of 5885 will continue to act as strong resistance and 5931-5945 will act as supply zone.

Trading Monthly charts

 

 Close above 5217 is bullish for market for rest of year.Support on Monthly charts comes at 5697 and resistance at 5945.

 Nifty Trading Levels

Nifty Trend Deciding Level:5885

Nifty Resistance:5945,6025 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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