NIFTY FUTURE WEEKLY
Many of you will recall that on last year's Muhurat trading day, Nifty Future scaled to 6349 and never saw that level again till date. This time around we have a sharp up move just after the muhurat trading day. May be it is the markets' way of getting even with the traders?
While I did warn you of the up move coming but never expected sharpness that we saw today. Anyway today's up move once again brings us close to many resistance levels including the channel drawn on the attached chart.
For next week the breakout level for this channel is at 5480 and just above that we have mid point at 5532. For momentum to maintain and gain strength, it is importatnt that we break the channel on the upside hopefully next week, or else we are back to continuing the downside and may be this time more sharply.
Have a nice weekend!
Ketan Asher.
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