NIFTY FIBONACCI STUDY AND ANALYSIS

FIBONACCI RETRACEMENT STUDY
CRUCIAL LEVELS OF FIBO:-61.8% (GOLDEN)
:-50% (HALF-WAY POINT)
ANALYSIS:
2)NIFTY MANAGED TO BOUNCE BACK FROM THE
HALF-WAY POINT
1)IT WOULD HAVE BEEN GREAT IF THE BOUNCE WAS
FROM THE 61.8% MARK AS THE 200-DMA IS AT THE
SAME POINT.
3)WEEKLY CHART SHOWS INDEX FORMED A DRAGON-FLY DOJI.
4)BOUNCED FROM ITS 23.6% FIBO LEVELS
5)MANAGED TO BOUNCE FROM-200 DMA
CONCLUSION
-INDEX WILL FIND IT HARD TO BREAK ABOVE 10730
-DUE TO HEAVY CALL WRITING @10700 LEVES
-IF BREAKS THEN THERE WILL BE SERIOUS SHORT COVERING WHICH WILL PROPEL THE INDEX TO TEST 10815
NIFTY WEEKLY STUDY
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