Well I am now going to do what makes every novice Techanical Analyst generally apprehensive... I am going to predict NIFTY support , resistance level based on whatever little I have gained so far, specially fibonacci retracemnet, which was introduced to me by one of my followers(changemasters).
The recent Uptrend started when NIFTY was at about 4350...NIFTY closed at 4829.55. Which means that in total from 4350 there is upmovemnet of about 479.55 points. Now using fibonacci retracemnet we get that NIFTY should find first support at 4717. If this support is broken then NIFTY will fall to 4647. Where it has support. But applying the Ternd theory I must say the first target for NIFTY should be 4770-4780.
So the short term targets for NIFTY are
1. 4770-4780
2.4717
3.4647
NIFTY has strong resistance at 4880-4900 levels.
Note: Once I have learned using Fibonacci retracement comprehensively, I will post how Fibonacci works and its basics....
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