Nifty is consolidating between 5000 and 5200.Either side movement is possible from this zone.Watch this level carefully. Path of least resistance lie on downside. Bearish gaps exists between 5230 and 5332 ,which is acting as huge resistance. for downside , we need capture 5050-4960-4800.
On the upside 5134-5175-5210 -5230-5332 are critical level.Lets see,we can buy 5000 PE and 5200 CE ,and see what market does and change position accordingly.
My Master say, when in doubt hedge or don't trade until we get clear picture.
Hope that helps .Take care .Have a happy trading.
Bullish possibility
Bullish view above 5332 / 5450
Bearish possibility
Bearish gaps exists between 5230 and 5332.This level is acting as strong resistance . Bulls need to fill this gap within minimum days; otherwise the task will get tough. Below 5000 , stops are 4960,4800.
Fibonacci retracement
Nifty had reach below the 23.6% Fibonacci retracement level of the total upmove from 2252
towards 6338. As per this theory the next major support is 4777, which is the 38.2% retracement
level, moreover 5373 would act as resistance.
• 0% : 6338
• 23.6% : 5373
• 38.2% : 4777
• 50% : 4295
• 61.8% : 3812
• 100% : 2252
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