SUPPORT & RESISTANCE ANALYSIS:- NIFTY is trading at very important level and it trying to break resistance line running since "All Time High" (ATH) - highlighted in red colour. Also there is support line running since recent low of 7500 levels - highlighted in green colour. ----------------------------------------------------------------------------------------------------------------------- Closing above 11320-30 on daily basis would mean breakout from this important resistance line -----------------------------------------------------------------------------------------------------------------------
FIBONACCI ANALYSIS:- Along with this if we draw FIbonaaci from ATH to ATL (7500) levels, we see that 78.6% levels stand around 11390. Historically NIFTY has followed 78.6% retracement and this makes it very important level to cross for any up move.
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Cheers! Piyush Gupta
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Check RBLBANK chart which was posted 2 weeks back but given breakout on Friday.
Thank you for enlightening by your thoughts on Nifty sir.. Really useful analysis.... Would like to learn more from your trading ideas
Piyush-Gupta
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@AKSHAYKPATIL, Thanks Akshay.
If I am not mistaken you are already part of our trading groups.
AKSHAYKPATIL
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Yes sir....I am happy member of our trading groups
bill_beri
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Great analysis sir, with very important key points mentioned...thanks for sharing :)
natprakash
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Awesome Analysis Piyush Ji!!
shahzad_in
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Amazing analysis as always ,
RBL was great indeed , not only this but also Tata motors(3-4 weeks back ) and Bajaj finance were spot on by you .
Great Learning experience !
Piyush-Gupta
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@shahzad_in, Thanks Shahzad. Thanks for bringing those up.
Most newcomers think, we can predict stock market but point is we can identify key support & resistance levels and trade based on break out or break down.
shahzad_in
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@Piyush-Gupta, No doubt Sirji , S & R is the key to all I feel' ; at-least that's what I ended up learning , top it up with Fibo is a cherry on the top of analysis , this analysis will be very crucial for the next coming days and weeks , you guys are super seniors in these techniques and no doubt this one will be an analysis to keep on tracking daily till it goes either ways .
Thanks for the learning's as always