Nifty -2011 Fibonacci analysis.

The Nifty closes  the year on a bearish note @ 4624 levels near the lows of the year (made on 20th December, 2011).

The Fibonacci level analysis for the year is shown on the chart. Reversal level for Nifty is above 4790 on closing basis weekly for the coming year. Below 4555, Nifty should gradually fall to 3545 levels (261.8% level). This scenario looks probable with depreciating currency, inflation, and governance issues. The new year 2012 begins on a weak note, but mid way through next year Nifty could make a turnaround if overall  bearish scenario is done with and real growth sets in. Happy New  Year to all the readers of my blog and have a great year end weekend and a great trading year in 2012 :)