Nifty Fib Channel

3 thg 5, 2022

Nifty Fib Channel has been drawn, with swing low level 15497 on 28 July 2021 and swing high of 18589 on 19 October 2021. After having touched the peak (18589.60), in October 2021, has shown support / resistance at .786 (17930) level. In the month of November, made a swing high of 18416, and breached the support of .786 (17930), and initially tried to hold .618 (17413) level but couldn't hold and at the end of the month taken support at .5 (17050). In the month of December, made a swing high of 17683, breached the support of .5(17050) making a swing low of 16420 and finding support / resistance at .382(16686) and finally finding support at .5(17050). In the month of January crossed the level of .618 and .786 and making a swing high of 18378 on 18 January and finally taking a support at .5 level. In the month of February, the Nifty has tested the .238 level and also closed at the same level. In the month of march, it has tested the Bottom swing level of 15497, by touching 15693 and finding support at .5 level and closed just below .618 level at the end of the month. The April month touched .786 level and finding final support at .5 level.