OurNifty.com

A Indian Stock Market Blog

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

By Leave a Comment

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.

 

Share your views for this nifty future analysis, join me on Twitter and Facebook.

Share4
Tweet
Pin
4 Shares

You Should Read This:

  1. Short Term Trading Nifty Future Using Fibonacci Retracement Level Fibonacci retracement level is actually combination of ratios of numbers of Fibonacci series. These ratios are used as support resistance in stocks and other financial markets, most of traders look these level for placing their...
  2. Trade Nifty Future Using Fibonacci Support Resistance Levels with High Accuracy Fibonacci retracement levels are highly used by professional traders, as these levels acts as support resistance. This tool just needs recent high (Swing High) and recent low (Swing Low) to plot retracement levels over the...
  3. Nifty has good support at 4900 zone, Nifty options intraday trade Today IIP data (Industrial production data) has come out it was much lower than expected so nifty future began to slide in morning session. Due to this news nifty future headed towards 4900 and as...
  4. Nifty Futures has Strong Support at 4800 zone, Short covering Expected today, F&O Expiry of August Series this week Short covering rally started in nifty futures yesterday and we are sure that this will continue till expiry of August F&O series we are sure that nifty futures will rally till 4996 levels in this...
  5. Nifty Future Intraday Trade, Buy Nifty Future Target 5045 Date: 8 June 2012. NSE Defty (Nifty in terms of US Dollar) has support on daily chart at 3135 level, right now this index is seen taking support and we will be looking for taking...
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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post:
Next Post: