NIFTY FUTURE WEEKLY
Two bouts of strong up move, ended the week with above average range of 344 points (High 5094 & Low 4750). The best part being the close (5081) near the higher end of the weekly range.
On the attached chart, I have marked a trend line (in red) which can provide the hurdle for the coming week. Next week is one trading day short, due to Holiday on Tuesday and this could be a dampener to the enthusiasm seen last week.
Important thing now is to see if Nifty Future is able to cross the trend line resistance (in red) after a correction, may be up to filling up of the gap on the daily chart up to 4862.
Nifty Future continues to trade within a channel for many weeks now. In the event Nifty Future clears 5125 (trend line resistance) it has to clear 5365 to cross the channel and bring more strength to the rally.
With Best Wishes,
Ketan Asher.
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