NIFTY FUTURE WEEKENDED 03.12.2010
During the past week Nifty Future showed an upward bias as it bounced from the low of 5727 which provided strong support as can be seen on the attached chart. The week saw a range of 262 (Hi of 6039 & Lo of 5777) and closed @ 6017, near the high of the week and suggesting continuation of the up move next week.
Further up move can be expected above 6039 - which remains the midpoint as indicated earlier. However, not much should be read in this breakout as we will have to face stronger resistance at 6100 levels. I Would like to caution that possibility of new high should be considered only after Nifty Future crosses 6200 - till than we can safely consider this up move as a pullback rally from a strong support.
On the downside, key support remains @ 5800 level below which, panic like situatuions can emerge.
While the past week's up move was strong, one needs to be cautious at higher levels as oscillators continue to remain in the sell mode.
Have a nice weekend !
Ketan Asher.
No comments:
Post a Comment