Today Nifty retraced 61.8% of total fall from 07-sep-2016 high of 8968.7 to 09-11-2016 low of 8002.25, which is 8599.52 and today's high is 8598.45. As we have retraced 61.8% of total fall much faster technically it indicates a bottom is in place and we are heading for new high.
However i am bit cautious on this move as Nifty is still below its 50 and 89 day SMA, which are currently at 8690 and 8636 and 8600 is 61.8% retracement level. So unless market close this 8600-8700 zone do not become over optimistic. I am expecting a slow and grinding move to 8350 at least.
Disclosure: I am not a SEBI certified technical analyst and this is not a buy/sell call this is just for my study purpose. Further i do not trade in Nifty Futures.
However i am bit cautious on this move as Nifty is still below its 50 and 89 day SMA, which are currently at 8690 and 8636 and 8600 is 61.8% retracement level. So unless market close this 8600-8700 zone do not become over optimistic. I am expecting a slow and grinding move to 8350 at least.
Disclosure: I am not a SEBI certified technical analyst and this is not a buy/sell call this is just for my study purpose. Further i do not trade in Nifty Futures.
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