After nice retracement from its low (4530) formed from 6370 fall, now NIFTY is facing resistance at its 78.2% Fibonacci retracement level @ 5970. Though it briefly crossed above this level, it could not sustain but fell back immediately. Now 5970-6010 area will be trend deciding range for the nifty in coming days/weeks. 5970 is not only 78.2% Fibonacci retracement but also a resistance of the trend line that (acted as support & resistance several times) was drawn from September 2009.
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