NIFTY CHART & VIEW

NIFTY ON TECH-CARDS: Struggle continues in narrow range…

NIFTY had constantly been getting resisted at 138.2% Fibonacci Extension mark placed at 5950/60. On weekly cards three
consecutive weekly DOJIs were formed indicating indecisive action near the mentioned mark. But this week’s action has
formed a breakout action but with gap up which may be termed as an abnormal breakout. To reach either 150-161.8%
extension marks, index must sustain above this breakout point or gap which it made to break the range. Also, since Nifty has
made a bottom near 4770, Nifty has been moving up in a channel form, which, at this stage, shows a support near 5750
levels. Now, next resistances for the nifty are seen near 6030/40 and near 6145/65 levels, which can also be termed as
extended targets for the nifty. Similarly, 5950, 5835/40 & 5750 to play a crucial supportive role for index hereafter and
should be treated as crucial from current trend’s point of view. Any breakdown below these would mean that Nifty is going
for short term trend change or becoming bearish on the cards.