Fibonacci retracement levels within the channel often act as support and resistance, while breaking a well-established channel may reveal a change in trend.The channel draws lines diagonally rather than horizontally. The diagonal retracement lines are based on the Fibonacci retracement ratios (23.60%, 38.20%, 50.00%, 61.80%, and 76.40%) from the lowest to highest diagonal for a given look-back period.If we look at the Nifty Daily Chart 50% Retracement level is at around 8432-8445 levels.Market is looking Slightly over boverbought abd will see hurdle around 8430-8440 levels & 8500 levels. Advice to Book profits and wait for Markets to provide small correction before resuming its Uptrend. Strong Support for the Nifty is at 8290-8200-8180 Levels.Advice to sell on rise and wait for Nifty to cross 8520 on weekly basis for strong upmove or buy 8300 Puts to hedge Longs.
AS OF TODAY I AM NOT A SEBI REGISTERED RESEARCH ANALYST.ONE MUST ALWAYS CONSULT FINANCIAL ADVISOR BEFORE INVESTING.
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