1. Nifty 200 Day moving average comes around 5145 which is a key area to
watch.
2.Fibonacci retracement sketched in Nifty between 6338 levels and 4531 levels (2011 fall), suggests the crucial 50% and 61.8% retracement levels will come around 5440 and 5650 respectively may act as next resistance.
3.Fibonacci retracement levels of recent rise may act as a support in a down
move. The relative values are as follows.
0% : 5630
23.6% : 5370
38.2% : 5210
50% : 5080
61.8% : 4950
100% : 4531
4. Trend line resistance exits @ 5330 and support @5070-5100
5. Stochastic show weekly momentum have turned downed again.
6.Elliot wave show 2 possibility
a.Formation of ABCDE complex correction
b.Impulsive wave
Above 5376 and 5502 => ABCDE Complex correction get invalidated.
