chetanpathare

Nifty current scenario: 1st Feb 2022

chetanpathare Updated   
NSE:NIFTY   Nifty 50 Index
We can consider 3 Fibonacci,
1. Fibonacci with (centre Fibonacci)
Level 0: 16836.8, Low of 25th January’22,
Level 1: 17373.5 high formed on 28th January’22.
If we follow this Fibonacci,
50% retracement level: 17105.15, we found a support at these levels, with the closing above 17105.15 i.e. at 17106.35, This was a 50% retracement
0.786 level support:
Today market created a low of 17244.55 which was 0.786 level @17258.65, this was again a very good support.
Market looks set for a target of 1.618 Level i.e. 17705.2 with a Support of 17519.5 which is 1.272 level.

If we look on the Weekly Trend
2. Fibonacci with (right Fibonacci)
Level 0: 16836.8, Low of 25th January’22,
Level 1: 18350.95 high formed on 18th January’22.
If we follow this Fibonacci,
50% retracement level: 17593.9, we found a resistance at these levels today through out the day, even today’s closing is below 17593.9 i.e. at 17576.85, The 50% level can create a huge resistance (Refer, chapter 5: 50% retracement levels)
market may create a huge resistance at this levels and move down for a bear cycle, market closing above 17705.2 level can be considered as a good support level for upside movement.
Comment:
Again the 17705 level creating a good support area for upside movement.
Comment:
Hope Nifty Holds on to 17506 levels which is 50% of the bigger Fibonacci on weekly level
Yesterday it took support at this levels and gave a closing above it.

Weekly Trend is bearish