(nifty future)
The above chart makes for interesting study. One can see that all short term indicators have moved into buy mode by
breaking out from the trendline.
However if looks at the price, it is clear from the chart that we are near big overhead resistance.
So how do we play this seemingly twisted story to played out next week ?
Here is my take.
5115 (again :-)) and 5180 will be the resistance zones for nifty future in the week ahead.
Initial suppports from nifty lie at 4980 - 4950 area.
Break below 4950 will take nifty to 4920.
Break below 4920 will be disastrous for nifty future and will be an open invite for bears to start all round selling.
In such a scenario nifty future will move to 4785, 4750 and 4720.
And as usual we will be tracking the day to day actions in our daily outlook section.
Please mail your comments to Jerry
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