As I posted here yesterday, Nifty Futures opened higher and started moving southward then eventually closing with marginal gains. Resistance was encountered at about the middle of 34 Period EMA and 55 Period EMA on the Daily Chart.
Looking at Fibonacci retracement levels, if we take the low of 16th July and high of 12th August, Nifty Futures managed to stay above 38.2% retracement level. However, the kind of move today shows weakness and next support comes at 4207, which is 50% retracement level (see chart above).
Another big worry for bulls is the volume of Nifty which is pathetic for more than a week.
For tomorrow the opening is likely to be affected by global cues and how US Markets close today and Asian Markets open tomorrow can have an impact on Nifty.
I am planning to present a few stocks for trading here (the ones which I recommend to my clients). I hope you friends will benifit from that.
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