F&O Outlook: Markets are on a crucial perchB G Shirsat / Mumbai March 5, 2008The Nifty closed the day at 4,864, just two points higher than Fibonacci price projection of 4,862. The 4,862 level is 161.8 per cent of the recent high and low swing of 5,368 and 5,055 in Nifty. The next downside level for Nifty is 4,549, which is 261.8 per cent in Fibonacci price projections series.The bull market is over, aver some market analysts. It does not mean that we are in a bear market. But if we continue in a similar mode, time-wise troubles will arise, according to Deepak Singh, analyst, State of the Markets.The market has decisively broken the trendline support and relative strength index (RSI). The next support for Nifty is 4,600, said Kamlesh Langote of vfmdirect.com.However, the Nifty March futures discount narrowed to 30 points towards close from the previous day
