NIFTY FUTURE WEEKLY
During the past week, Nifty Future continued to make lower top / lower bottom on the weekly chart and saw a range of 255 points (High 4973 & Low of 4718). It finally closed at 4749 near the low of the week.
On the weekly chart you will observe that past 4 weeks' movement has decisively broken the strong support area marked in yellow ellipse. As such, this area provided support on previous two occasions.
Last week saw consistent fall which has taken Nifty Future close to the support area and I expect a bounce from this level. This bounce can take Nifty Future even up to 5300 levels. Once Nifty Future moves above 4900, it would confirm the up move as Nifty Future would cross the trend line on the EOD chart.
Have a nice weekend!
Ketan Asher.
No comments:
Post a Comment