Posted By : Kishore B.S
Hi Friends !!!!!
The markets remained largely subdued and range bound on Friday session with the Indices gyrating in the 50 points range. The range bound momentum was largely due to expected US data and also Greek issues coupled with US markets holiday today.
The charts below for the Nifty have indicated that the Indices have been moving between the 2 important FIBONACCI retracement levels in the range of 4780-4946 and this momentum also indicates that there is equal sentiments spread between the bulls and bears as to the direction and further course of movement.
Also the charts are indicating that we could easily trace back to the 5000 levels and to the resistance level of 5058 in the days to come. Unless the Greece or EU becomes the spoilsport. All said and done it would be advisable to be on the Long side with stoploss of around 4800 levels for the time being.
(Inputs Mr. Hemanth .V, Faculty TA, Stock Market Institute, Bangalore)