As Panic Grips Dalal Street Fib Levels on Monthly Chart.

Globally we are seeing a good uptick in the market since few days but panic selling in NIFTY has brought it crashing down near major support levels. On the monthly chart drawn here. We look at the major supports on a Fibonacci scale from where NIFTY can bounce back.

Major Fibonacci Supports from Current levels are: 18013, 17472, 17036 and finally 15976. Below 15976 NIFTY can retest recent 2022 lows of 15813. Below 15813 we have the 50 months EMA which is near 14483.

However in our opinion 18013 looks like a very very strong support. Let's hope that Nifty holds it. If the level holds we can see a bounce from there. If not bears can take firm control of the proceedings.