Sunday, November 25, 2012

Nifty supports and resistances Nov 23, 2012

We are at  quite an inflexion point with respect to Nifty.On the one hand we have several global factors which look shaky. Our domestic economy is not doing too well either.On the other hand we have quite a lot of liquidity sloshing around which is keeping the Indices from correcting heavily. Let us look at some Fibo levels and Gann angles to see whether we can get some understanding...

Seeing all three charts together,the Fibo and Gann supports seem to be at 5500 to 5530 range, with 5512-5515 being specifically important.

Now for the Resistances....

As per the two charts above, we are seeing a seeming resistance level around 5690. As per Gann`s time and price squaring technique, the resistance for a 180 degree addition of the 5548 low  comes to 5698.So this could be the possible  immediate upside.
Let us hope Nifty agrees with us on these projections this week!

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