I have said many times when we don't have any thing on left of the price we need to take support of Fibonacci and analysis tools of WD Gann.
Important levels of fibonacci are marked on chart. Which may play important role in price action. While using fibonacci levels I have applied tool from 2 different impulse legs. Levels which are in conjunction are .27% and .50% which are extremely important levels.
According to WD Gann square of nine 135,270 degree are important in time and price. Next week will be 65th week from important low of 29th Feb 2016 and 116th week from important high of 9119. From both reference points next two weeks will be extremely important. Traders needs to be alert with their view and trades.
If price structure, candlestick or any momentum indicator gives signal to short then traders can trade according to their risk appetite and money management.
@dhananjay.d.joshi, channel helped a lot. As we have bearish engulfing on daily chart
dhananjay.d.joshi
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9632 was marked Fibonacci level and price touched it and turned down.
dhananjay.d.joshi
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Short term trend detection
dhananjay.d.joshi
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NIFTY making candle which shows selling pressure. As i said in this analysis next will will be important. Next weeks importance is indicated by this weeks candle.
AMBRISH
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Thanks, You are posting your views after long gap.
dhananjay.d.joshi
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@AMBRISH, you are welcome, and yes talking about gap... I was waiting for time or turn date. Previous date worked but market moved sideways after that and made time bottom and continued up move.
price flirting with support line.