Nifty Fibonacci Retracement
Nifty Fibonacci Retracements from 5214-5815 are drawn in above chart,Major support at 50% retracement at 5514 and Resistance at 5585.
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 resistance at 5650 which was support on previous occasion as per previous Fibo Fans.
Nifty Weekly Chart
Nifty was down by 2% WoW basis, and formed a weekly bearish engulfing candlestick after gravestone doji formed last week.Weekly charts are near an important support of rising trendline. Next week will solve the mystery will market respect the trendline support or move towards the all important support region of 5527-5517.
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 5497 and resistance at 5661.
Nifty Trend Deciding Level:5597
Nifty Resistance:5650,5698 and 5725
Nifty Support:5554,5527 and 5466
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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As usaual informative content. Can you please explain what is the significance / importance of the Break away gap at 5435 – 5526. I had noticed you always make it in bold letters.
Thanks a lot Sir!!
Till Breakaway gaps are not touched the trend remains up for medium term.