Sunday, March 17, 2013

Nifty -Some more technicals March 18 onwards

The retracement from 5663.60 to 5971.20 was of the order of 68.63%. Overhead Gann Resistance now lies at 5966 and the Gann support now lies at 5791, both for the   forthcoming week.
As per Western Astrology calculations Sun enters Aries on March 20, 2013. We already have Uranus and Mars there. Sun will add to the energy and things ought to become even more volatile for now.
Make a note of this Full Moon on March 27 th and the circled date of April 01, 2013.
We will see why, a little later.

Let us have a look at some pitch forks. I have considered this from the lows of December 2012. Nifty has now violated the 161.8% extension of the blue pitchfork. So we conclude the trend is clearly down. I have also marked two long term Gann lines in black. The resistance for the month is at 6059 and the support is at 5674. If this is broken down then Nifty could swiftly move down to 5426.

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