Nifty Future has been consolidating in a side ways range on low volume since last couple weeks. The range is narrow and rally towards 8420 and higher are been sold where has the correction towards 8390-8350 are been bought up.
Nifty future closed the week at 8381.65. There were only three trading sessions for the week. The week witnessed again buy on the dips as expected since we are in short term uptrend. Despite facing the selling pressure in the 1st half of the trading session on Friday nifty bounced back strongly in second half and closed around the opening of the day.
price closed the week on a positive note in the last trading session of the week. After making the low of 4691 crude bounced back strongly on 5th November and closed the week at 4861. Crude oil price has strong support area of 4840-4830 if on Monday trading session crude oil price manage to sustain this level of 4830 and above expect a sharp rally towards 4951 and there after to 5100.
Nifty Future breakout from the triangle last week after making the weekly low of 7993 and close the week at the highest level ever for the index. As from chart above one can clearly the breakout. Strong global cues backed up with higher liquidity in Indian market the trend was set after Tuesdays close above 8040 future.
After breakout from horizontal trading range in bank index the bank nifty future made its life time high’s in past week. The high made on future is 16632 and the weekly close was at 16483+. Now going forward for monday trading session the Hurdle for banknifty is at 16700 fresh buying will happen once this level sustains and since there is no resistance left for market its all a bulls play the trend will continue.
Nifty Future closed the week at 8023.5 on Diwali mahurat trading session. the market has seen a sharp reversal from lows of 7752 and with positive global cues the index has managed a strong up run in short term. Majority of moves have happened with gap up’s in the same.
The short term trend for Nifty Future is down the reversal point is above 8010 close till then the rally’s are for entering shorts with protective stops above 8010. Friday’s trading session opened with a gap down and continued its downward journey after consolidating in tight range for the day. Nifty Future closed the week at 7886.8 after making the intraday high of 7948.
A sharp correction and a rally has been seen the past week in FNO September Expiry. After making the high of 8176+ for the week the market plunged back down to 7884 testing its 50 day moving average on Thursday’s trading session. Bulls were in panik and bear’s after such a long time had a small share of the joy.
Shopper stop limited made an technical bullish breakout from triangle formation past week. The stock made its life time high at 572+ and closed the week at 547.25. The last candle is highly bullish candle and had closed above its trend line resistance on breakout which indicates the continuation of trend in the stock in coming weeks and months.
Nifty Futures closes the week at 8137.85 after making the high of 8200 for the week. The Friday session however was a positive day. On daily chart the Nifty broken down from a Rising wedge pattern and is making a pullback.
Relinfra future closed the week @ 686.80 the high made for the week 707.75, Relinfra has made bearish close for the week, the last two weekly bars are bearish bar.
Above is the weekly chart of jubilant food works the stock future closed the day 1371.35 on 02 September 2014, the stock is highly bullish as from chart above one can clearly see the horizontal channel it has been trading in since march 2012. Now yet again the price is at its resistance level.