NIFTY FUTURE WEEKLY
Last week saw 4th consecutive week of higher top / higher bottom on the weekly chart and at the close Nifty Future has come close to the upper end of the channel inside which Nifty Future has traded for the past 60+ weeks. During the past week, Nifty Future made a range of 191 points (in 4 trading days) with high of 5225 & low of 5034. It closed the week at 5213 - near the high of the week.
While the close last week doesn't suggest any weakness, except the fact that 4 weeks up move together with Nifty Future trading near the upper end of the trading channel does call for caution. For breakout on the upside 5270 is important whereas any move below 5130 should be considered as first sign of weakness.
All in all, a very important week ahead of us.
Trade carefully and don't forget to put stop loss on your long positions.
With Best Wishes,
Ketan Asher.
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