Spot Nifty breached prev days low of 5041 and corrected almost 80 pts to make a low of 4963.70. If a fibonacci retracement is taken, from the swing high it made yesterday to the significant low of 4538 made on 3/11/2009, the first level of retracement, which is at approx 76.4% should be at around 4952, which is also the likely low of this week.
However, since most of the Derivative contituents of Nifty are trading in a negative zone, I am inclined to believe that this support may break in coming trading session. If so, Nifty Spot may test a low of 4873, which is 61.8% of the fibonacci retracement, a major support level.
Daily momentum indicators Rsi, MacdH, Stochastics are trading in the negative terrain to confirm the corrective mode.
I rest my views here ... Happy Trading !!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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