Nifty 6500 levels? Will Nifty can go 6500 levels.
Hello friend. Today we will discuss Nifty 6500 levels? will Nifty can go 6500 levels if yes then how can we analyze it. So let’s start.
In the month of January 2012 if we see a weekly chart we can see a nifty future had started its uptrend. The low made in December was 4538 after that we can see an upside move and then the high made by nifty future was 5700. Means the total points from low to high was 1162 point.
And after that, the price started a correction and made a low of 4760.05. On that level, Nifty future made a bullish engulfing pattern and again started moving in the up direction.
Now the logic behind it
If we use the Fibonacci retracement tool from low which was 4538 to high which was 1162 we can see the 78.6% retracement level was 4790 approx. From that levels price started moving to an uptrend.
How to know the Target
From bottom to top the price was moved almost 1162 points. If the price starts moving from 78.6% Fibonacci retracement then add 1162 points to those levels. Means Add 1162+4790=5952. As our Target will be 5952. Hope you had understood the point which I want to tell you. Now let’s analyze the current situation.
Nifty 6500 levels?
In the month of January, Nifty future made a high of 12419.20 and after that, we had seen a sharp downfall had made a low of 7526 in the month of March.
So that total point nifty future loss from top to bottom was 12419.20 – 7526 = 4893.20 points. Now after making a low nifty future started its uptrend and made a high of 11794.
Fibonacci Retracement tool
If we use the Fibonacci Retracement tool from top to bottom be can see 11400 is 78.6% level. Price had given a weekly close above it and then in next week we can see a bearish engulfing candle which closed below 11400 levels that mean price is ready to move in a downward direction
The Target Area
So from top to bottom price moved almost 4893 points. we will subtract 4893 points to 11400 levels (11400 levels in our 78.6% level)
11400 – 4893 = 6507
So we can say that nifty can reach to 6507 levels from here
Disclaimer: The details which we discussed is only for education and information purpose only. Trading in the share market is a high risk of losing money.
Please compare the data with the Nse website. The data which we provide may be incorrect.