Market today closed below 200sma mark of 5737. Market also closed far below of daily pivot (5783) and hourly pivot point. See
technical analysis for more details. Nifty support is at 5717 and resistence is at 5844. Market looks weak and may lose few more points. In the meantime S&P has downgraded US Debt outlook to 'negative' from 'stable'. US market fell 1.8% and Europe is down by almost 2.1%.
| Fibonacci Retracement |
| Retracement Level | Price |
| 23.6% | 5763.536 |
| 38.2% | 5789.232 |
| 50% | 5810 |
| 61.8% | 5830.768 |
If we see the Fibonacci retracement today we can find @23.6% at 5763 and then @38.2% at 5789. If Nifty stays below daily pivot of 5783 then we can see short building at lower levels of 5670 otherwise we can see longs at 5810 levels.
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