NIFTY FUTURE WEEKLY
Quarterly Chart for Q. E. Dec 2010 along with my comments uploaded. With the help of Andrew's Pitchfork. I have explained on the chart why 6240 could be a trend decider for current quarter.
NIFTY FUTURE:
The process of higher bottom and higher top on the weekly chart continued for the 2nd week and thus displaying some sort of strength getting back to the markets and hopes of a new top reviving. The week saw a range of 185 points (Hi 6182 & Lo 5997) and closed at 6163 - suggesting firm opening next week.
What is interesting hereon is, whether Nifty Future continues to move up and cross the major hurdle at 6210 and 6240 (as indicated in quarterly post uploaded today)? If it does, we are certain of a new top otherwise once again we test 5700 levels and this time around it could even break it.
Yesterday Bank Nifty Future did make a come back effort, in vew of rate hike announced by various banks. Please keep 11655 as reference point to remain bullish in Bank Nifty Future. On the higher side 12200 area could provide strong resistance.
Despite 3 weeks of up move, oscillators have not yet generated a buy signal on the weekly chart, hence sustainability of this up move remains doubtful. Break of 6100 on the downside is the first sign of weakness.
With Best Wishes for a Happy & Prosperous New Year.
Ketan Asher.
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