Fibonacci Ratios are drawn in above chart from 5548-5965 showing Fibonacci support and Fibonacci resistance. Close above 5965 is required for a breakout and support now exists at 5805 and 5756.
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 reacted from 5965 and now support is at 5750.
Nifty Weekly Chart
Trading Monthly charts
Close above 5217 is bullish for market for rest of year, I have been writing this for almost 6 months and Nifty has made almost 20% return for the Year 2012.Support on Monthly charts comes at 5787 and resistance at 5963.As per Historical data December has been 3-4% move month in Nifty and till now we have formed a DOJI candelstick on Monthly chart so next 2 weeks will be crucial. Will RBI provide much needed ammunition to Bulls with a rate cut.
Nifty Trading Levels
Nifty Trend Deciding Level:5900
Nifty Resistance:5925,5965,6025 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
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