Nifty - Levels for Next Move using Candlestick & Fibonacci

Taking from last post, Warning Bell did ring & there was a fall on Thursday which was arrested today by Infosys result. Nifty bounced & bounced high.

In Weekly chart, Candlestick Hammer was followed by a big bullish Candle signaling more upside. So far So good, What Next ?

Now the story begins………..

Using Fibonacci levels on daily charts, Nifty can face resistance at 3935 -3945 zone. The graph displays how at each Fibonacci Levels Nifty has faltered first & then moved ahead. Expecting to continue the trend, we can expect a correction or sideway move on Monday from this level.


NIFTY WEEKLY



On Weekly chart of Nifty, 61.8% retracement is at 3975 level. So, Nifty next resistance if 39345 is overcomes will be 3975, & it will be really though to break this level. Only a very good Q4 results can take Nifty above this level.




Now for the larger picture



Watch 3551 + level (50% Retracement) , how it has saved Nifty thrice. Now we are exactly at 3915, moving & sustaining above it will be good for Nifty. Most Importantly, 3388 level is still not tested. Will Nifty kiss this level & when?

MAY may answer :-) No PUN intended

Taking a leaf out of all this; We derive following Nifty levels to be watched carefully.

Upward - 3935 , 3945 , 3975


Downward – 3862 , 3786 , 3761, 3551 & 3388



Disclosure: No positions in Nifty for myself & family members.