Nifty Fibonacci Retracement
Nifty Fibonacci Retracements from 5217-5815 are drawn in above chart,Major support at 61.8% Golden ratio at 5585 and Resistance at 5687. Nifty has closed above 5687 which is 78.6% retracement.
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.Break of 5635 can lead to a down move till 5450 but it moved till 5583 and bounced back.Now i have redrawn the Fibo fans which shows support at 5582 and resistance at 5740.
Nifty Weekly Chart
Nifty was up by 0.6% WoW basis, and closed above crucial trend line resistance of 5635, so bulls are having upper hand.
Only the break of 5725 can lead to a rally till 5815 and 5940,break of 5585 will start the gap filling process.
Nifty Monthly Chart
Close above 5217 is bullish for market for rest of year.Support on Monthly charts comes at 5604 and resistance at 5740.
Nifty Trend Deciding Level:5725
Nifty Resistance:5752,5792 and 5856
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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