Nifty Daily Analysis

• If we draw fibonacci levels for nifty's rise from 4786 to 6338 then the 61.8% Fib ration comes near 5378. This area is yet to be tested.
• 5350 - 5380 will act as good support zone. If this support zone is broken then the next one is at 5117 which is the 78.6% Fib level.
• Nifty weekly chart is shown with 50 week moving average. We have the first candles forming below this moving average. If the market is to go up bulls should try to close above this moving average. Staying below this level increases the risk of a bigger fall waiting to happen.
• GOLD INVERTED HEAD AND SHOULDERS PATTERN