As seen from the following chart and various lines drawn, Nifty is moving in a channel following Fibonacci Extensions from lows of 4770 made on 4th June 2012. If the pattern continue in coming days/weeks, Nifty will have its first
supports at
5815, 5750 and
5700. If the the uptrend that started on 4th June 2012 were to be continued Nifty will have a
target of
6200 in coming days/weeks with
resistances placed at
5950,
6025,
6110 and 6160. A sustained
break below 5680 will invalidate this pattern and then Nifty trend will turn -ve with resistance at 5700.
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| NIFTY Daily Chart |
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