NIFTY FUTURE WEEKLY
The week has ended on a firm note with intra week correction of about 100 points, but hardly even going below the previous week's top. That's what money power can do to the markets. The weekly range was 148 points (Hi of 6048 & low of 5900) as against 233 points range in the previous week. Considering the firm close, we can only deduce that Nifty Future has taken a breather before continuing its forward march in the next week.
Considering the strength US markets have displayed at the time of writing this post, there is no surprise that we too may have a strong opening. On the higher side we now have resistance at 6115 and major resistance at 6170. If Reliance manages to go above 1050, these levels can be achieved easily.
Though Nifty Future did make a top on the Gann turn date but considering today's close it appears that turn around I expected this week may not happen, particularly in light of next week being FNO settlement week.
Though Nifty Future did make a top on the Gann turn date but considering today's close it appears that turn around I expected this week may not happen, particularly in light of next week being FNO settlement week.
If Monday opening is with a gap, I would not advise buying, however, one can buy on correction with a stop loss of 6000. Nifty Future will show weakness only below 5975.
Have a nice weekend!
Ketan Asher.
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