NIFTY FUTURE WEEKLY INDIA ROCKS!
and so do the markets. Nifty Future Monthly as well as Weekly candle closed firm. The Monthly candle closed inside the channel which was broken last month after being 20 months inside it. We are now at the striking distance from the last significant hurdle at 5970. Or simply put close above 6000 will make room for retesting the previous levels and may be even crossing it.
The things that could puncture all this feel good feeling could be the fact that having finished with the World Cup Finals, media attention will revert to the filing of charge sheet in 2G Scam and other not so good factors like Inflation, Crude Oil etc..... Technically, while the close on the monthly and weekly charts have been strong, MACD on the weekly chart has not yet cut the trigger line and hence possibility of a Nifty Future getting bearish once again if it trades below 5675 can not be ruled out. Secondly, while Nifty Future weekly chart has higher bottoms, it has not yet formed a higher top, which happens only when it trades above 6210 - and is still far. Lastly, if DOW starts going down after making double top, we could also get affected. While the initial numbers for Auto sales have been encouraging, one needs to wait and see if the bottom line too have been able to keep pace. Enjoy the Good Times but don't forget to protect the profits.
Ketan Asher.
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