NIFTY FUTURE WEEKLY
Last week saw a range of 254 points (High 5710 and low 5456) and closed at 5488 - near the low of the week.
Just as in Monthly chart, here too we have a triangle formation as highlighted on the chart. Next week onwards we would be near the apex of the chart and breakout seems imminent - in the coming weeks. As mentioned in the Monthly update my bias coninues to remain bearish - considering various negative issues on Domestic/International front. On this chart, breakout on the upside is at 5700 and on the downside it is at 5420. As the breakout could be of 1300 points one needs to be cautious of long positions and fresh long positions are best avoided till Nifty Future shows some sign of bottoming out.
Have a nice weekend!
Ketan Asher.
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