NIFTY FUTURE WEEKLY Last week began on a firm note and Nifty Future faced resistance at 6000 due to trend line coming from the previous top of 6349. The week saw a range of 168 points (High 6000 & Low 5832) and closed weak at 5855. The weekly candle represents shooting star which suggests bearishness ahead. The only positive for Nifty Future is that it has maintained higher top / higher bottom formation for 3rd week in a row.
Another important point to be noted is that, Nifty Future will be out of the channel (once again) on the weekly chart when it trades below 5800. This suggests continuation of the down trend .
We have a truncated week ahead in view of Tuesday and Thursday being market holidays. While we have the results season commencing next week, we have also to deal with the impact of high crude oil prices.
I have marked no. of weeks starting from the low of 2228 which suggests that we should have an eventful week ahead of us. Considering the trend line resistance at 6000 and the shooting star candle on the weekly chart, my bias remains negative. It is likely that Nifty Future should come down to fill the gap at 5500 levels on the EOD chart. I would change my view to positive, in the event 6000 is crossed on the upside - which looks difficult at least in the next (short) week.
Have a nice weekend!
Ketan Asher.
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