NIFTY FUTURE WEEKLY CHART
NIFTY FUTURE:
The 144th week from the previous top of 6336 has given its results today. The week saw a new high of 6318 (just short of 18 points from the double top) and low of 6076 - range of 242 points.
On the chart you will observe that last time we saw a sustained rise for 21 weeks and this time around we seem to have topped out in the 20th week. Please compare this week's candle with that of last time when 6336 was formed and you will know what I am hinting at. This week's candle looks like a shooting star - suggesting bearishness but needs confirmation by going below this week's low. Similar situation existed last time too.
On the weekly chart, we can see support at 5935, 5735 and strong support at 5550.
Though these levels look too low today and need confirmation next week - please note that nothing is impossible in this market. As you must have seen in the case of Infosys -which got hammered badly, in spite of declaring good results today.
As usual, I will be giving levels for Monday through regular post by Sunday evening.
Till then enjoy your weekend and Wish you all a Happy Dassera!
Ketan Asher.
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