S&P CNX Nifty – Weekly Analysis -11 Nov 2012 Part -II

Nifty Fibonacci Retracement

Nifty Fibonacci Retracements from 5585-5777 are drawn in above chart,Major support at 50% retracement  at 5680 and Resistance at 5703.

Nifty Fibonacci Fans

As discussed earlier Fibo Fans 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 in previous week analysis.Now NS has support at 5660 which is also 61.8% retracement or Golder Ratio.

Nifty Weekly Chart

Nifty was down by 0.2% WoW basis, and formed a weekly gravestone Doji candlestick.Support at 5660 and Resistance at 5715

Bounced exactly from Support of trendline

Nifty Monthly Chart

 Close above 5217 is bullish for market for rest of year.Support on Monthly charts comes at 5537 and resistance at 5715.


Nifty Trend Deciding Level:5715

Nifty Resistance:5752,5777 and 5815

Nifty Support:5680,5645 and 5585

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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