NIFTY FUTURE WEEKLY
Last Friday's gains helped Nifty Future to end the week in a better shape to close firm at 5646. It traded during the week in 129 points range (High of 5662 & Low of 5533.
As the weekly candle is too small, I would not read much into the Friday's up move. Next week should be interesting as market will gain momentum if Nifty Future is able to cross the trend line on the weekly chart at 5710 and face next resistance in the form of Trend Line on the Monthly chart at 5760 - which incidentally is this month's high as of now.
Moreover, the coming week we have FNO settlement on Thursday which will make the markets more volatile.
Please do read the Nifty Future monthly update given separately as the real action seems to be in the month of Aug 2011.
Have a nice weekend!
Ketan Asher.
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