NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD / NIFTY FUTURE WEEKLY
NIFTY FUTURE:
The week ended on a very bearish note as Nifty Future closed @ 6092, near the low of the week 6074. Following points must be noted:
1. Nifty Future has made a double top near 6349 - hence this level will act as a strong resistance.
2. Nifty Future has erased all the gains made in previous week and saw a weekly range of 273 points ( 6347 High & 6074 Low)
On the daily chart there is a gap to be filled at 6065 and it is likely that there could be a bounce up to 6140 after filling up this gap. All long positions should be held with stop loss of 6140.
Fresh short position may be created around 6140 with stop loss of 6170. On the down side it will find support at 6045 - 5965. Close below 5965 will take it down to strong support at 5850. With 22nd November being a Gann turn date, it will be better to avoid fresh long positions till then. I would consider going long once market takes support around 5750. The last week's fall may be considered as the "beginning of the end" of this phase of the rally and there is a good possibility that we may have just begun the process of forming the right shoulder on the weekly chart - which i have been visualising for the past few weeks.
Although I just returned this morning, i have tried to cover all the regular features (DJIA Chart/TP Grid etc. ) and have also given the Weekly chart which was missed out during the Weekend. Trust this helps.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher,
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