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Monday, March 22, 2010

This Week NIFTY

In the above NIFTY Weekly Chart, it is clear that the 5292 level act as a major resistance. Nifty cannot break the level and formed a double top in the zone.

In coming sessions, if nifty cross 5292, then the next level will be 5479 which is 78.8% of FIBONACCI Retracement.  Close below 5097 will signal a negative trend. On downside 4885 will act as a good support, below that 4792 will hold the Nifty, which is also 61.8% of FIBONACCI Retracement.

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