NIFTY FUTURE WEEKLY
The week ended on a very weak note, after seeing a bounce post the announcement of RBI Credit policy. The fall looked more like a Christmas Sale with no buyers. During the week, Nifty Future saw a range of 290 points (High 4915 & Low 4625).
While the sell off was sharp and made a new low at 4625 - just 7 points below the recent low of 4632. If we see a bounce on Monday - as I expect, for one more reason which I will discuss with 30 min chart, it will be considered as a double bottom. As indicated, in the Monthly update, the first indication that the worst is behind us - at least for the time being, when 4667 (2010 low) is breached and confirmed when Nifty Future starts trading above 4718 (quarterly low).
While the sell off was sharp and made a new low at 4625 - just 7 points below the recent low of 4632. If we see a bounce on Monday - as I expect, for one more reason which I will discuss with 30 min chart, it will be considered as a double bottom. As indicated, in the Monthly update, the first indication that the worst is behind us - at least for the time being, when 4667 (2010 low) is breached and confirmed when Nifty Future starts trading above 4718 (quarterly low).
Please do not be overly pessimistic about the market, as we are just few days away from the end of this rangebound year.
Have a nice weekend!
Ketan Asher.
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