Maruti Suzuki stock is in an uptrend on medium term chart. But stock is correcting on the daily chart and is now trading at support level. This support is provided by 61.8% fibonacci retracement level (High of 1639 and low of 1051), so 1275 is a strong support zone for the stock in short term. Trading idea: We will be looking for buying opportunity in MARUTI around 1275 for a target of 1345, with ... [Continue Reading]
Time to Buy Bank Nifty, Technical Bounce in few Sessions
Bank nifty future broke below 9000 level on may futures contract, but as I switch to charts I see 9000 level is 61.8% Fibonacci support level on daily charts and so I am waiting for execution of long positions in BankNifty future around 8980 - 9000 range for positional targets as 9325 and then 9400 levels, with placing stop losses just under 8925 level on 2 days closing basis. Check below chart of ... [Continue Reading]
Intraday trade: Buy Nifty Future May Series, Fibonacci Support Zone
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 ... [Continue Reading]
IGL stock has fallen 33% today, Trading outlook for Short term
IGL has opened lower today by 30% and we are seeing more downside in this stock in short term, however IGL on weekly chart has support near 230 level. So on approaching this support we see IGL temporarily bouncing towards 245 and 270 level. On chart 230 level is 38.2% Fibonacci retracement level, but we are not confident that this level held for long time, our short term strategy on IGL will be ... [Continue Reading]
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 entry orders also it is used to place stop loss for trade. So overall Fibonacci retracement in very important or I say must have tool for trading. Now I will demonstrate on ... [Continue Reading]
