Indices near resistance levels. Will the markets see profit booking?

Both Sensex and Nifty have seen selling pressure around the Fibonacci retracement levels earlier. The Sensex needs to cross 32,000 mark for the up move to sustain, charts suggest

NIFTY 50: The index is resisting to go past 9,390 levels, which is the 38.20% retracement as per the daily chart. This is one of the key Fibonacci retracement levels widely tracked by technical analysts that helps forecast the likely trend. The index did try to conquer this level four times earlier after the sharp fall from the peak level seen in March. However, selling selling pressure at higher levels has kept the momentum in check. A major upside may emerge once this selling pressure gets absorbed. Until then, the support remains at 9,100 and 8,900 levels for the index.