NIFTY Analysis - Jun 27th & Jun 28th '12 Fibonacci Level

NIFTY today made a DOJI pattern again on candlestick chart. DOJI sign occurs when the open and close values almost equal each other

A consolidation phase formed between 5094 & 5194 which is a 100 point tight trading range

Fibonacci Extension Levels

Connecting low of 4770 & 5010, following are the extension levels we see getting formed

123.6% - 5067

150% - 5131

161.8% - 5159

178.6% - 5199

200% - 5251

With the following extension levels intact a move above 5160 to 5180 should get us touch 5200 & beyond that 5250 looks to be a possible target

NIFTY prediction for Jun 28th '12

200 day exponential moving average (EMA) is at 5171. I expect a gap up opening between 5170 & 5175 with 2 immediate support levels 1. 5147 to 5150 2. 5118 to 5120

If NIFTY gets past 5171 then we may see a rally upto 5200. Usually after a DOJI sign formed we will either see a big candle formed either upwards or downwards.

Now that for the last 2 trading sessions we see continuous DOJI sign getting formed a high chance of gap up getting formed is on cards. Global markets intact and US markets in green now

On indicators front we have a mixed bag of reaction

RSI, PARABOLIC SAR, EMA 12, EMA 26 line & MACD line - show very positive indications

Williams %R; Full Stochastics - Shows downtrend and moving down from over bought levels

Summary

1. If support level of 5150 is steady and intact then a jump of upto 5200 is possible by tomorrow

2. If 5150 gets taken off on downside then 5120 has strong support level and that should give an upside of upto 5170 to 5180

So on overall analysis, we should see an upmove tomorrow and can buy stocks that have good base formed and showing readiness of upmove