Nifty has closed at 9,859 which is the close in all daily, weekly and monthly charts.
Daily Chart Analysis
According to Fibonacci ratios Nifty has a 50% resistance level at 9,878 which is also a resistance zone as seen above. So, we can expect a reversal at this level (9,878).
Weekly Chart Analysis
As per the expectations of reversal in daily chart and the Fibonacci levels we can see Nifty at 9,320 (38.2%) in the coming week, and further it might test the 8,800 to 9,100 support zone.
Monthly Chart Analysis
The monthly chart shows that the Fibonacci levels and a strong support zone at 6,888 can also be tested in the current month, if it breaks the higher support level.
Overall Opinion
Considering the chart analysis done above, we are bearish on Nifty.
Stay tuned for analysis on more stocks!
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