NIFTY FUTURE SO FAR HAD 4 CONSECUTIVE DAYS OF LOWER CLOSINGS AND 5 CONSECUTIVE DAYS OF LOWER LOWS AS CAN BE SEEN IN THE DAILY EOD CHART OF NIFTY FUTURE ABOVE. THE HAMMER FORMED WITH ITS LOWS AT THE LOWER BOLLINGER BAND AS WELL AS AT THE 50 DAY EMA BRINGS HOPE FOR THE BULLS FOR SOME RETRACEMENT BOUNCE. LAST WEEK ENDING 9TH NOV, NIFTY FUTURE HAD CLOSED AT 5720 WITH A WEEKLY LOW OF 5702. SO THERE IS A REASONABLE CHANCE OF A BOUNCE EITHER ON FRIDAY OR EARLY NEXT WEEK.
FOR FRIDAY’S INTRA DAY TRADING PURPOSE, NIFTY FUTURE MAY FIND INITIAL SUPPORT AROUND 5630 FOLLOWED BY THURSDAY’S LOWS OF 5620 SUSTAINING BELOW WHICH MAY SEE NIFTY FUTURE SLIDING TOWARDS 5605 OR EVEN 5600 LEVELS FROM WHERE GOOD BOUNCE MAY BE EXPECTED. SIMILARLY ON THE HIGHER SIDE ONE MAY EXPECT INITIAL RESISTANCE TO COME AROUND 5663 FOLLOWED BY 5673 TO 5677 SUSTAINING ABOVE WHICH MAY SEE NIFTY FUTURE MOVING UP TOWARDS 5688 TO THREATEN 5700 LEVELS. LONG TO MEDIUM TERM INVESTORS SHOULD BUY THE DECLINES FOR GREAT GAINS IN NEAR FUTURE
FOR FRIDAY’S INTRA DAY TRADING PURPOSE, NIFTY FUTURE MAY FIND INITIAL SUPPORT AROUND 5630 FOLLOWED BY THURSDAY’S LOWS OF 5620 SUSTAINING BELOW WHICH MAY SEE NIFTY FUTURE SLIDING TOWARDS 5605 OR EVEN 5600 LEVELS FROM WHERE GOOD BOUNCE MAY BE EXPECTED. SIMILARLY ON THE HIGHER SIDE ONE MAY EXPECT INITIAL RESISTANCE TO COME AROUND 5663 FOLLOWED BY 5673 TO 5677 SUSTAINING ABOVE WHICH MAY SEE NIFTY FUTURE MOVING UP TOWARDS 5688 TO THREATEN 5700 LEVELS. LONG TO MEDIUM TERM INVESTORS SHOULD BUY THE DECLINES FOR GREAT GAINS IN NEAR FUTURE
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