There is a high probability that nifty will face resistance at 23.6% Fibonacci resistance around i.e 10028 levels at close .
POSSIBLE REASONS - 1. Its Fibonacci retracement level of the previous rally.
2. The number of time nifty has taken support at this level in the past , its now a probable resistance. (support becomes resistance...
nifty has give gap up from the exact same high level twice i.e around 9599. so till it opens next day above 9800 .. trade with caution . as it can reverse the move like previous time making an abandoned baby pattern.
i would prefer shorting with a stoploss of 9900 as it would have good risk to reward ratio.
titan is going to test its resistance for the fourth time. and is having two daily closes above 38% fibonacci extension of last pullback. if it goes good this time targets will be around 929.
