Sorry, Dinesh. Those purely S & R based trading days are in trouble. HFT is here to stay. Think of understanding something called 'order flow'
...nuff said.
BSE SENSEX: The 50% and 61.8% retracement levels are placed at 16828 and 16257 respectively. The low registered last week was at 16776.72 and closed at 16831. The 50% retracement level was tested. A further sustained fall below 16700 may extend the slide towards the 61.8% retracement level, which is at 16257.
this is copy paste Info.