"Pull back rally will be seen. Expecting completion of correction and begining of fresh rally in the coming week but sustaining above 6015 is must for confirmations"
278 Nifty points pull back rally seen in last week which could not sustain above 6015 and Nifty closed at 5993. Last Week highest is 6030. 3 days vertical rise and 2 days narrow range moves within 5965-6025 seen during last week. Last 2 days range is now trend decider and its break out will give following moves:-
1- Sustaining above 6025 will mean clearing of strong resistance and testing of next resistance range( 6080-6120) and 61.8%(6091) retracement level.
2- Sustining below 5965 will mean strengthening of resistance at 6015(or 6025) and correction of first 3 days vertical rise of last week. If correction starts then firstly following fibonacci retracement levels should be watched for correction completion confirmations:-
23.6%- 5950
38.2%- 5900
50.0%- 5860
61.8%- 5820
76.4%- 5770
88.6%- 5728
1- Fibonacci Retracement Levels Daily Chart:-
As only 2 days selling indications therefore correction will be firstly expected according to above mentioned fibonacci retracement levels and if follow up selling develops in next week then deeper correction will be considered.
5965-6025 is next trend decider and sustaining beyond should be watched for next above mentioned moves.