NIFTY FUTURE WEEKLY
NIFTY FUTURE:
The festive week ended on a strong note with Nifty Future scaling to a new high of 6349 and closed at 6325. Interestingly, for BSE sensex, new high remained elusive, at least for yesterday.
With Reliance showing stregth, it can go up to 1200 and help take Nifty Future to 6400 - which will turn out to be a big resistance area.
With Nifty Future making a new high and Oscillators not being in tandem, divergence on weekly chart is apparent - suggesting lack of strength in the up move, but when money is the main driver for this rally, who really cares for the reasons as long as the market is going up and no body is complaining.
Although Nifty Future has made a new high, I have continued with the likely pattern (shown in Lime Green on the attached chart) as I see it. A few points above previous high is not going to change my view.
Wishing you the very best in the NEW SAMVAT YEAR!
Ketan Asher.
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