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Fibonacci Retracement

Principle of convergence in FibonacciIf we take two recent swing lows and swing highs and draw Fibonacci Retracement levels for getting a clear idea of possible retracements then there are following possibilities. 1. Nifty has two retracement levels in close proximities, which coincides with each other. 2. First Retracement level of 18030-18080 is already completed. If Nifty Sustains, will move up. 3. If Nifty breaks this level of Retracement, then it might lead to next retracement level of 17480-17576.(buy Put or sell Future)
NSE:NIFTY
by Lapputappu
NIFTY OUTLOOK- Oct 9th 2022 the low making date for NIFTY was mentioned as 13 or 14th OCt 2022. The low was made on 13th Oct and NIFTY resumed upside. - The target for the upside rally was mentioned approximately 18900 on 24th Oct 2022. - Nifty achieved a high of 18887 on 1st Dec 2022 (Just 13pts away) Currently we can see a completion of 55 Days time cycle and a small reversal( which is not confirmed yet) where nifty generally reverses for a intermediate bottom formation. Moreover NIFTY is a Fibo level 1.618 of the downside rally during Sept month . So the scenario we can expect if 18900 level is not taken out is the target remains to be 18181 . A second confirmation can also be drawn from S&P_500 where it is in a Wolfe Wave but near 2-4 Tl (taken as a resistance most of the times). This adds on to the probability for the NIFTY for a small correction if the global markets turns hawkish only for a small time being. The chart of S&P_500 has been given below : Link to Oct 9th 2022 study mentioning low making date for NIFTY was mentioned as 13 or 14th OCt 2022: Link to 24th Oct 2022 study mentioning target for the upside rally was mentioned approximately 18900 : CHART & ANALYSIS - ADARSH DEY
NSE:NIFTY
by AdarshDey
NIFTY OUTLOOKIn the previous NIFTY OUTLOOK Nifty was expected to be range bound within the zone 17442-17561 for continuously 3 days Nifty was range bound with closing in the mentioned range. And on Thursday evening I expected a breakout and I thank NIFTY for respecting the expectation on Friday market opening. Currently NIFTY is expected to open gap up on the occasion of Muhurat trading . And this gap up is expected to be a Break away Gap as well. It may trade sideways and then come down towards the previous close to form a Pivot Point. Once the pivot point is identified I would update the same in this post .The upcoming resistance level would be 17850-900 level as it is an important Support and Resistance level and it is the 78.6 % retracement level of the entire downside trend from NIFTY's all time high. A long term view for NIFTY could be seen in this way ,As majority of the global market indices haven't even retraced 50% of the entire downtrend, any bullishness in them could push the indian markets even higher towards 18900. CHART & ANALYSIS BY - ADARSH DEY Link to my Previous Idea:
NSE:NIFTY
by AdarshDey