NIFTY FUTURE WEEKLY
Needless to mention the obvious, that this week has ended quiet firm or rather strongest weekly close in the recent past. Of the 1130 points rise in 16 weeks. from the low of 4786 - the last 2 weeks have accounted for 408 points (36%). It appears that today Nifty Future stopped just short of New high since I had indicated yesterday that in my view the top could be in place.
While I continue to believe that we are in a strong resistance zone for multiple reasons I have been mentioning over the past couple of days. You will observe one more reason on the attached chart - a trend line drawn in blue with resistance level at 5990. Moreover, as per the time price idea that I follow, next week has the potential for a turnaround.
Considering the structure of the chart and if all the good reasons I have been giving out for impending bearishness have to come true - there will have to be some very strong news for this market to go down - what will that be? I guess GOD alone knows.
As usual, I do not think it to be prudent to create fresh long position at higher levels. Down move can be expected below 5860 with major support at the trend line at 5500.
Have a nice weekend.
Ketan Asher.
Ketan,
ReplyDeleteCould you please share the information about the "time price idea" that you mentioned in the post? My email id is sachin.demat@gmail.com
-Sachin
I teach Time Price idea as a part of my workshop.
ReplyDeleteKetan Asher