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Intraday trade: Buy Nifty Future May Series, Fibonacci Support Zone

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Nifty future has just breached the 4955 level, this level is very special because on daily chart its 61.8% level for 20-12-2011 low to 31-2-2012 high. Also 23.6% retracement of 7-11-2010 high to 20-12-2011 low is at 4955 level, so two Fibonacci retracement levels of different period are coinciding on same level, so I am expecting some bounce around 4955 level with a target of 4985 and then 5000 mark. If today this level (4950 level) is not broken than we may see nifty future rallying towards 5055 this week.

 

Intraday Trade Nifty future May Series:

 

Buy Nifty future around 4955 level for intraday target of 4985 and 4999 level, high risk traders can even hold it for 5055 level in 2 trading sessions. Stop loss for this trade will be at 4940.

 

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About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

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