Has Nifty formed short term top, Weekly Analysis.

Nifty has reacted last Friday from its long term resistance line as seen in past occasion nifty will try to touch its lower end of trend line which comes around 8350/8300 odd levels.

As per Fibo retracement theory Nifty took support at 23.6% retracement @ 8776 unable to hold heading towards 8641/8531 odd levels as shown above.

It was negative week, with the Nifty down by 26  points  closing @8808 forming a gravestone doji pattern, correcting after touching the upper trendline resistance. As discussed in last analysis  Weekly time cycle also started in positive note, its time to be cautious now as Nifty is approaching its trendline resistance in daily, weekly and monthly charts so book some profit in nifty and stocks positions.

Nifty Trend Deciding Level:8806

Nifty Resistance:8888,8957,9079

Nifty Support:8723,8680,8600

Levels mentioned are Nifty Spot