Above weekly chart shows the picture from Jan 2008 till date.Looking at it the level 5284(0.785 percentage of the upmove) and 4786(0.618 percentage of the up move) has been the trading zone for Nifty.Above 5284 the bulls have been in control.The level of 4786 has been successfully defended by bulls with a minor blip of 4720.The fall of Nifty from Nov 2010 is still in a channel where a bottom has been made and ideally we should retrace up to the top of channel i.e.5284.(try to close the gap).This is the area of natural resistance above which the scenario can turn bullish if sustained further.Presently Nifty is the trading zone for positional traders giving us hope to rise to the 5284 level where shorts may get developed in system.Below 4786(0.618) we have major support at 4300(0.500) level where buying with good volumes is expected to come.
Happy Trading !
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.