Nifty Weekly Analysis

NSE:NIFTY   Nifty 50 Index
Nifty had retraced 0.618 level of 15100 to 18900 move at 16800 from last June till 13 March. On weekly chart nifty is making higher high and higher low for last 10 week. ( green line). Since 13 is a fibonacci no nifty is expected to make new high and low for 3 more weeks. ( it is based on Fibonacci levels not necessary). MacD is just above signal line and just above 0 line which states beginning of up trend. ( As weekly chart is better for long term view). Any move above 18900 19000 nifty can reach first fibonacci extention level at 1.272 ie 19900. From here SL is to be strictly followed below green uptrend line or close below lower high of previous week.
Long can be entered above 18550 with first target 18900 , 19300, 19500 and 19900. This analysis is for next 1 month.


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