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]
Nifty Futures Support Resistance Level For 22 February 2011
Nifty future is now consolidating before breakout in either direction, we are however bearish as long as nifty is trading below 5500 level. Downside and upside risk are same from current levels. We will advice traders to stay away from this market, as risk apatite is now high. If nifty is able to break above 5527 level and close for two days continuously then we will see a huge short covering ... [Continue Reading]