IMPORTANT NOTE: In view of the Dow and S&P500 now getting traded on NSE, I have included them in the TP Grid alongwith USD GOLD. Please note that all these rates are as traded in US markets. Trust this will help more readers, to be on the right side of the market.
NIFTY FUTURE WEEKLY:
Last week was the 8th week after the triangle was broken on the downside. We still have no clear direction except that the downward bias continues. During these 8 weeks, Nifty Future contined to remain within the range of 5200 and 4700. Last weeks' candle made a lower top/lower bottom and ended the week as a doji only to add to the confusion.
In light of the above, I would maintain downward bias below 4900 with supports at 4700 levels. Once 4680 level is broken we will have support at 4500 and 4450.
On the higher side, I would maintain upward bias above 5070 with good possiblity that we will have strong momentum to fill the gaps at 5100 and 5300.
Have a nice weekend!
Ketan Asher.
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