NIFTY FUTURE WEEKLY
NIFTY FUTURE:
We ended the week where we had started and the weekly range was 178 points - High of 6166 and Low of 5988. Notable feature for the week were:
1. For the first time after making the top of 6318 in the 144th Week from previous top, Nifty Future made lower top and lower bottom which is the sign of weakness.
2. This weeks' candle is a doji - suggesting indecisiveness. Though the fact there is longer lower shadow, one has to keep the possibility of going up next week, remains open - particularly as it will be FNO settlement week.
On the weekly chart you will observe that this weeks' candle has taken support on the Andrew Pitchforks median line and taken a bounce. With Reliance showing strength, Nifty Future making a fresh attempt to go up to 6336 can not be ruled out at this stage. However, to achieve this objective, it will first have to cross major resistance at 6200.
Have a nice weekend!
With Best Wishes,
Ketan Asher.
Note: On the attached chart, I have made some notings which look wishful thinking today, but may turn out to be a reality. As it is premature in terms of any indication from the market, I have not referred to the same in the write up above. Take a look and factor this possibility when taking a longer term view.
If you don't wish to spoil your weekend, better to see it on Monday - but you must see it.
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