Nifty swings wildly between 5K to 5035 levels and touches high of 5065 on spot prices. VWAP at close is 5036. Nifty closes at 5030 after swinging wildly in the later half of the day.
1) Reversal level of Nifty for intra day tomorrow is 5070 on spot prices for target of 5110-5150.
2) Below 5010, Nifty is weak and can fall to 4965-4935 levels.
3) A Fibonacci analysis on closing basis for the year 2011 is attached. Bullish view will hold only if Nifty is able to close above 5285 on closing basis weekly over the remaining 6 weeks of this year. A range bound level for Nifty could likely be 5000-5285 levels. A bearish range clearly will be below 5000 towards 4700-4500. Happy trading :)
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