iCharts Discussions

[ajitg76]

On Technical Chart NIFTY has given downside breakout. On Thursday 5955 support was broken during intraday and Friday it has closed well below this level. At present derivatives data indicates some support at 5800 but no robust signals. News from global market is not supportive. Indian political scenario is in trembling situation.now whats NIFTY Index has broken important support level of 5955. If we consider the Fibonacci Retracement levels of the rally from 5349 to 6338 then the 50% retracement is at 5840 and 61.8% retracement level is at around 5725. Level 5955 is crucial for triggering short covering. Coming week is an expiry week for November 2010 series. next week is highly volatile in our mkt .so trade with strict stop loss.

[nonchalant zooid]

That was a nice explanation with clear charts. Thanks ajit