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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