Weekly Technical Analysis: NSE Nifty Part -II

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 last week. Nifty made a High of 5949 fall back all way to 5839 before recovering till 5907. Still 5953 will be a tough resistance to cross.

 

 

 

 

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 5945-5963 is level of resistance.

 

Nifty Weekly Chart

Trading Monthly charts

 

 Close above 5217 is bullish for market for rest of year.Support on Monthly charts comes at 5783 and resistance at 5963.As per Historical data December has been 3-4% move month in Nifty.

 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

We do discussion is Live market to update Nifty levels If you are interested you can LIKE the page to get Real Time Updates.

Follow on Facebook during Market Hours:  http://www.facebook.com/pages/Brameshs-Tech/140117182685863

 

 

We are Planning to conduct training session in Mumbai in batch of 8-10 persons in Last week of December, Interested people can contact me on bhandaribrahmesh@gmail.com