Nifty has bounced back from the low of 4468 made on 18th March 2008 to 5298 on 02nd May 2008. Nifty as per the Fibonacci theory from the highest and the lowest level made in Jan, 23.6% retracement level is at 4900 and the 38.2% retracement level is at 5172. Today also Nifty made a low of 5182.60.In the chart the point 1. shows a clear breakout in the Nifty chart at 4700 and indicates the sure up-trend till 4950. Point 2. a Japanese candle stick pattern which indicates a temporary hault in the rally, but it is well above the 32.6% retracement level. Point 3. indiactes the RSI is heading towards the over bought zone, as the same way it touched in month of Jan. and in the future also. Nifty will face a good resistance at 5320-5400. As i have mentioned that the Nifty can touch 5400 levels. I still stand on my words, but it will not be that easy.
We will see some correction or some consolidation, Nifty can come down till 5000 levels, if it closes below 5150.
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