Fibonacci resistance acts up but can it stop Nifty?
With lot of large caps picking up pace and delivering this week, Nifty has broke a lot of shackles and had a free run specially on Friday. Can it gallop further is the question.
Nifty certainly can as large caps are acting up to the task. Companies like M&M, Kotak Mahindra, HDFC Bank, Bajaj Twins and even Maruti Suzuki and lot of other large caps are supporting it. On Friday PSUs, Mid-cap, Small-caps and other sectors such as defence which had become laggards are also trying to turn positive but word of caution here is that important fibonacci resistance level of 25852 has come into play now. The same is also the trend top. This means 25852 will be difficult to cross. If at all that is crossed next Fibonacci resistance will be at 25951. Support levels for Nifty will be at 25684, 25615, 25551 and 25494 levels.
Trade cautiously with proper stop losses and trailing stop losses in place specially in case of Mid and Small cap stocks.
Nifty certainly can as large caps are acting up to the task. Companies like M&M, Kotak Mahindra, HDFC Bank, Bajaj Twins and even Maruti Suzuki and lot of other large caps are supporting it. On Friday PSUs, Mid-cap, Small-caps and other sectors such as defence which had become laggards are also trying to turn positive but word of caution here is that important fibonacci resistance level of 25852 has come into play now. The same is also the trend top. This means 25852 will be difficult to cross. If at all that is crossed next Fibonacci resistance will be at 25951. Support levels for Nifty will be at 25684, 25615, 25551 and 25494 levels.
Trade cautiously with proper stop losses and trailing stop losses in place specially in case of Mid and Small cap stocks.
Note
What was probable high of Nifty indicated over here? 25951. What was today's high? 25956. Look at the accuracy and precision. To learn this kind of precision you know what to do...Read my book--The Happy Candles Way To Wealth Creation. Available on Amazon in Kindle and Paperback version. 
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