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| NIFTY FUTURE MONTHLY CHART |
In the attached monthly chart of Nifty Future, I have drawn Andrew's Pitchfork, wherein you will observe that lower parallel line was providing support on many occasions in the past.
Current month candle is now decisively out of the lower parallel line and had a free fall yesterday. As shown on the chart, we can expect it to take support around @ 5380 being 50% level and thereafter @ 5180 being 0.618 fib level as well as trend line support. This can go down till 5100 being the open = low level shown on the chart on 3.8.2012. In achieving this level, Nifty Future will fill two more gaps (of the many more yet to be filled further down).
Investors and Traders, both need to be cautious as we may have just begun the down move.
Current month candle is now decisively out of the lower parallel line and had a free fall yesterday. As shown on the chart, we can expect it to take support around @ 5380 being 50% level and thereafter @ 5180 being 0.618 fib level as well as trend line support. This can go down till 5100 being the open = low level shown on the chart on 3.8.2012. In achieving this level, Nifty Future will fill two more gaps (of the many more yet to be filled further down).
Investors and Traders, both need to be cautious as we may have just begun the down move.
With Best Wishes,
Ketan Asher.
Very good analysis on the nifty future by author
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