September 22, 2011

NIFTY Fibonacci level

  • 50% Retrace for the move from 4720 to 5168 comes at 4944
  • Price has taken support near 4910 level before, so this lecel may stop the fall.
  • So if price takes a reversal from here we may see a turnaround.
  • Breaking below 4900 will cause more pain for bulls.
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1 comment:

  1. NilSeptember 22, 2011 at 11:15 PM

    If we consider Nifty Future, NIFTY supported by Fibonacci Golden Retracement Level 61.8.

    61.8% of Nifty Future 4718-5174 move is 4892.19.
    Nifty four times supported there:-
    4901(12/9), 4903.85(13/9), 4908(14/9), 4898.15 (today).
    So, YES. Breaking below 4890 NF will be crucial.

    Happy Trading.

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