Technical Levels for Nifty on GDP Data

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Nifty Daily

On daily chart Nifty showed a pullback after Monday 3% rally but managed to close above 4800. Till Nifty close above 4800 bulls still have strength left and they can take Nifty to well above 4900 levels.  Today we have all important GDP data and market is factoring in severe slowdown in Indian Economy. Any GDP data below 7% will lead to decline in Nifty and Data above 7.5% which is least expected will lead to huge short covering rally.

Technically Stoch has given a Buy Signal and move above 4880 will lead to 4930 in quick succession ,Failure to Hold 4787-66 range  will lead to 4700 levels.

I still presume after November month trending move market will move sideways for few session forming a trading range and than give a final breakout or breakdown.

Nifty Fibo


As per Fibo levels 4930 is 38.2% retracement and should be the target for current upmove in Nifty with a condition than market should close above 4800 on closing basis.

Nifty Monthly


Today is the Monthly closing in Nifty and Nifty should close 4833 on closing basis today else trend will become bearish and we will break 4638. 


 Buy above 4819 Tgt 4852,4866,4880,4900 and 4930

Sell below 4766 Tgt 4740,4693,4665


1 thought on “Technical Levels for Nifty on GDP Data”

  1. hey usual it’s great analysis…one do we read the nifty options open interest data today.. 4500 and 4000 put’s OE has increased and macd is showing +ve divergence…?

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