NIFTY has been in a consolidation phase between 5000 & 5200 for last 13 trading sessions. Today we saw a major fall from 5200 levels to 5100.
5194.6 was today's high & from thereon we steadily saw a decline during the 2nd half after market getting disappointed with RBI rupee reform measures and market having over expectations on it.
Going through below chart, the trend is still intact and has not altered the daily view
In the below given chart, On EOD charts connecting 4770 & 5010 we get following fibonacci extension levels
23.6% - 5067
38.2% - 5102
50% - 5131
61.8% - 5159
78.6% - 5199
Below 5100, next level of support lies around 5060 -5070 levels.
With today's downfall, charts still look intact until 5040 to 5050 levels do not get taken off
From the above chart TRIX indicator shows uptrend and signal crossover hasn't occurred yet inspite of today's decline. On Parabolic SAR trend, it still shows that the uptrend is still intact. With couple of indicators not getting disturbed we can currently conclude that this fall has not done anything bad to our EOD charts.
Tomorrow's view of Nifty - Jun 26th '12
Nifty should find support around 5067 levels that will give another 1% drop on Nifty. On the higher side resistance is seen at 5120 to 5130 levels
Some more correction should make the market much healthy as Williams %R is almost in over bought situation. As of now market is capped with an upside of 5200 with lower levels intact at 4800
If this consolidation phase breaks if it goes below 5000, and a clear downtrend is confirmed
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