NIFTY FUTURE WEEKLY
Once again Nifty Future started lower top /lower bottom on the weekly chart. During the week, it made a range of 165 points (High 5667 & Low 5502) and closed at 5585. Marginally above the key level of 5555. Interestingly, it has formed a lower shadow - thus giving hopes to the bulls that there may be some up side - if trend line in red is broken next week at 5710.
You will see on the attached chart that we are now trading within a narrow range area and coupled with the time count on the Monthly chart (must read) next month may end up critical for the market.
If you believe that this time we may not be lucky enough to find support on the downside, be cautious while taking long positions - as my bias continues to be negative.
With Best Wishes,
Ketan Asher.
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