Fed Hints Lift Market Mood

To close at 24,870 on Friday. To understand why the Nifty fell from 25,153, let us look at the technical evidence.

- V.K. Sharma

The previous swing high of the Nifty was 25,669 on June 30. The benchmark index then fell to a low of 24,337 on August 8—a swing of 1,332 points. A 61.8% retracement of this swing works out to 823 points. Adding that back to the swing low of 24,437, we arrive at a possible resistance of 25,160. So, the level from which the markets fell fits into this retracement f