NIFTY FUTURE:
Last week's sharp fall once again brings us to the lower end of the trading range. The week saw a range of 404 points (High 5249 & Low 4845). The candle continues to remain within the channel for many weeks now. Once again it has made a lower top / lower bottom.
The only positive was that due to the bounce on Friday, we have a small lower shadow though not very convincing of any buying at lower levels.
While 4830 offers support next week, on the higher side 5050 and 5100 will offer strong resistance.
Coming weeks' FNO Settlement does provide the possibility of an up move, the fact remains that we are now far off from the upper end of the channel which needs to be crossed at 5400 to hope for a rally. What looked like a possibility last week, now becomes a distant dream to hope that the channel will be crossed in a hurry.
With Best Wishes,
Ketan Asher.
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