NIFTY FUTURE WEEKLY
Weakness persisted during the week and Nifty Future made lower top / lower bottom after making a new 52 week low of 4632 and closed @ 4711 - leaving a small lower shadow. It made a range of 247 (High 4879 & Low 4632).
For now 4718 - previous quarter's low becomes important as we can consider the market for the up side when above this level and for down side when below it. As mentioned in one of my post last week, the fact that Nifty Future has broken the 4700 level once, it can do it once again and this time more convincingly.
Selling on higher levels viz. 4850 - 4920 and 5000 is advisable. On the lower side caution is advised when Nifty Trades below 4680 as the possibility of going further down increases.
With Best Wishes,
Ketan Asher.
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