NIFTY FUTURE WEEKLY
One more week that ended with lower bottom /lower top with the only positive indication that it ended in green compared to the previous two that ended in red. As expected, we are seeing Santaclaus rally not only in our markets but also in US & Europe.
During the week, Nifty Future saw a range of 240 points (High 4778 & Low 4538) and closed the week at 4721. Had the close been above 4770, it would have been a piercing candle pattern on the chart.
Considering the candle pattern and the fact that World markets too are experiencing rally, we can hope to see the Nifty Future going up next week - which gets added importance as we have FNO settlement scheduled for Thursday. The current setup has the potential to go up to 5050 which can provide resistance due to trend line (in red) shown on the chart. On the way up, we have major resistance at 4840 - 4920 and 5050.
Have a nice weekend!
Ketan Asher.
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