NIFTY Chart Analysis

• Month chart shows possible supporting trend line and Fibonacci level support at 38.2% for 2252 - 6336.
• Weekly chart shows price testing the channel resistance line. If price falls into the channel the levels shown in the month chart will be tested.
• 3rd chart shows fibonacci levels for the recent price rise. Price has closed below the golden ratio. If a bounce happens due to developing positive divergence we may see nifty moving towards 50% Fib level or 200 SMA. Unable to close above Golden ratio will extend the fall.
• BANK NIFTY WEEKEND UPDATE