Nifty and fibonacci

Nifty index has broken the 200 SMA and the 50% retracement levels from the Nov top and Feb bottom.

The fact that the index faced resistance at 61.8% levels itself is a very bearish sign.

Even the bounce from 200 SMA was much smaller than the previous 4 attempts. Are bull taking a leave here?

The daily color of Nifty and Bank Nifty is in Sell mode from Fridays open. Read the color update here.

Nifty Fibonacci chart

Let me post Nifty chart with Fibonacci retracement. The upmove started at 38.2% levels and in process has given a 5 day high closing value that also with above average volumes.

The move has come when everyone was so bearish in the morning. Hearing others view I wanted to change my own view to bearish but then I looked at the color system and saw that the Daily color is still in Buy mode though it reduced from Lev Buy but still in Buy and the weekly was also in buy mode.

This move coming at the trendline resistance from Nov and Dec highs gains importance now as the shorts has been squeezed now.

More details later on the implication of such move.

Nifty recent swing with fibonacci

Nifty's recent swing with the bounce failed to close above the 200 DMA and the 38.2% retracement levels indicates bearish trend is not over as of now.

Only Chart

India futures update 9 Feb

Nifty has finally moved below 5300 levels and Bank Nifty near to 10000 levels.
All this looks really bad as markets are breaking all the supports and showing no signs of strength at any levels.

Well one should not fight rising ADX especially when it is above 30 levels. Two days back only I posted (link here) that the ADX is rising from below 20 levels and the trend is bearish. It was the same trade setup which occurred in Sep rally for markets.

For Bank Nifty the 10000 levels will be psychological and action at this level will be worth watching.

The Fibonacci projections for the current wave stands at 5220 levels and for Bank Nifty at 10000 and 9700 levels.