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The bounce back in the market from the support level of 10,000 odd has now closed above 61.8% Fibonacci retracement of the one month decline from 10,490 to 10,033 levels in just three days; clearly indicating a strength in the market.
The Nifty logged its third consecutive day of gains to close at 10,332 levels up by 0.55 percent for the day. Bulls have been in control of the market with 2.76 percent gain from last week’s low which is also reflected in positive market breadth since Thursday.
The bounce back in the market from the support level of 10,000 odd has now closed above 61.8% Fibonacci retracement of the one month decline from 10,490 to 10,033 levels in just three days; clearly indicating a strength in the market.
Now, the index has overhead resistance placed at 10,335-10,410 levels; where falling gap, trendline from recent highs (10490-10410) and 28th November swing high of 10,410 are likely to act as resistance for the market.
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