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The Current Pullback in Nifty
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December 26
In the weekly chart the Nifty has formed a small bullish candle with a long lower shadow and a small upper wick. This suggests some supportive activity at the lower levels.
The recent uptrend can be sustained if the Nifty sustains above the 4700 mark in the coming sessions. In that case the current pullback effort getting extended towards the 50% and 61.8% Fibonacci retracements of the recent decline from 5099 to 4531 which are placed at 4820 and 4880 levels respectively.
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It would be important to monitor the time consumed to retrace the recent decline in order to find out the magnitude of upsides in the near term |
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In the absence of a faster retracement the current pullback could terminate near the 4880-4920, region being the confluence of multiple resistances (Gap down area of 9th December and also the 61.8% retracement of the recent decline) |
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In the month of December (December 21) FIIs have been net sellers to the tune of  1450 crores while DIIs have bought shares worth 498 crores |
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Key data to watch globally would be Personal spending, Initial Jobless claims and new home sales |
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In India, for the next week the key data to watch would be weekly inflation and current account balance (Q3) |
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