Nifty Daily Chart
Nifty Daily chart is forming a rising wedge formation,which has broken on downside. Rising Wedge are bearish formation and we need to see follow up down move below 6100 for pattern to shown its true color.
For Nifty traders who follow gap trading there are 5 trade gaps in the range of 5300-6000 and all other gaps got filled.
Nifty Fibonacci fan are wonderful tool to find the top and bottom in short term.Nifty at resistance of Fibo Fan and support comes at 6000
Nifty Weekly Chart
Trading Monthly charts
Nifty monthly chart corrected from its Supply zone of 6337-6342 and gave corrective downmove.Bullish only above 6190.
Nifty Trading Levels
Nifty Trend Deciding Level:6190
Nifty Resistance:6255,6337 and 6400
Nifty Support:6120,6077 and 6001
Levels mentioned are Nifty Spot
Stock Performance Intraday sheet for Sep Month is updated on http://tradingsystemperformance.blogspot.com/
Stock Performance Positional sheet for Sep Month is updated on http://positionalcallsperformance.blogspot.com/
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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When you draw a fibo fan, you have to draw from trough to top for a rising fibo, so the first line should join them, your fibo Chart does not
I do not go by text book thing, I have my own way of analysis and am quiet happy with it..