NIFTY FUTURE WEEKLY
The fourth consecutive down week ended weak, in sync with the World markets. The week saw a range of 339 points (High 5140 & Low 4801). The weak finally closed at 4851. The only positive part in an otherwise bleak scenario is that we have multiple support at 4750-4800 region and Nifty Future has shown a candle with long lower shadow. I will deal with the same in my regular post for Monday.
Another point I would like to highlight is that we are close to 25% level (4762) from the High of 6349. A bounce from this level is most likely as I have been stating for some time now. It may be just a coincidence that Friday's low of 4800 was too close to the level given in my post and looking at the EOD Candle, I expect that it will hold. However, upside will gather momentum only when Nifty Future trades above 4950. I do hope that FNO settlement next week will provide the necessary impetus for Nifty Future to give much need bounce.
Have a nice week end!
Ketan Asher.
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