Below are the weekly Fibonacci levels for Nifty and Bank Nifty for the week ended 11th April 2014.
Currently, both Nifty and Bank Nifty are in the positive zone (Above 60%). Only a break in daily closing below weekly 40% might trigger a correction.
Nifty
6,650 (0%)
6,717 (40%)
6,752 (60%)
6,819 (100%)
Bank Nifty
12,439 (0%)
12,685 (40%)
12,809 (60%)
13,055 (100%)
Hi Mani,
What are these fibonacci values and how are these useful, will they be useful to long term inevstors or only for traders who want some short term gain ?
Narayan, Weekly fibonacci are useful for traders alone ... Long term investors can use yearly or monthly fibonacci levels to use as a add on to fundamental analysis ...
I am working on building a traders dashboard based on Fibonacci .... You will get more clarity, once that is in place ....
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