NIFTY Chart update

• Nifty reacted well from the bullish engulfing pattern but failed to close above the crucial resistance levels of 50  Day SMA and 5 Day High EMA.
• Fib levels for the current correction shows price getting resisted at 38.2% Fib level.
• Fib levels for 5549 - 6111 shows support at 38.2% Fib level. Crucial support level is the 50% and 100 Day SMA confluence.

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