Nifty-EOD Chart(17-Feb-2012):-
Fibonacci Retracement Levels(6338-4532)
13.0%-4766
23.6%-4958
27.0%-5019
38.2%-5221
50.0%-5435(Already retraced)
61.8%-5648
70.7%-5808
76.4%-5911
78.6%-5951
88.6%-6132
Long term correction begun on 05-11-2010 from 6338 and after more than 13 months correction Strong decisive more than 1000 Nifty points rally begun on 20-12-2011 from 4532. Fibonacci Retracement Levels are given above and 50% retracement has been completed. Next most crucial level is 61.8% which is falling within next resistance range(5600-5700) therefore sustaining beyond should be firstly watched in the coming week for next moves confirmations.
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13.0%-4766
23.6%-4958
27.0%-5019
38.2%-5221
50.0%-5435(Already retraced)
61.8%-5648
70.7%-5808
76.4%-5911
78.6%-5951
88.6%-6132
Conclusions from EOD chart analysis
Long term correction begun on 05-11-2010 from 6338 and after more than 13 months correction Strong decisive more than 1000 Nifty points rally begun on 20-12-2011 from 4532. Fibonacci Retracement Levels are given above and 50% retracement has been completed. Next most crucial level is 61.8% which is falling within next resistance range(5600-5700) therefore sustaining beyond should be firstly watched in the coming week for next moves confirmations.