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Support levels of Nifty explained with Fibonacci Retracement

Is it level for buying ?

Look RSI(indicator)which traders use for knowing oversold and over brought market is at 33 levels,it is same level from where market change direction in March 2009.But we have to compare event also.That time main event was election,now no such events in corner, Diwali is over.That why i lower my support to 4520 levels from 4650 levels.Don't think a level break when market just touch it,let it trade a day and close below it.

Look for Valuations

Many A group stock gone down 5-10 % with volume,only enter in those stock which gone down because of whole indices pressures but posted good Quarterly earnings.