Nifty future closed the week at 8210.55 after making the intraday high of 8247.Volatility continues to be high in the past week after bears fully controlled the whole april series. The first week of may was again in favor of bears.
Trading with no plan can be devastating for your capital as well as emotions. Nifty future has been steadily moving upwards from last few trading sessions. We have seen a decent recover already after march 2015 FNO expiry.Nifty future closed the week at 8811.45 this is slightly above the 50% Fibonacci retracement from the recent bottom.
Nifty future opened the week at 8474.75 and made the high of 8645.55 and closed at the higher end of the range at 8633.10. The week was the shortest as there were only three trading days. After been range bound on Wednesday morning trading session the bulls picked up momentum in second half and nifty future moved out of the hourly trading range for the day and closed higher.
Nifty future closed the week on a very weak note. The momentum slowly has been in favor of bears. Fridays trading session witnessed heavy selling pressure after. Nifty future opened gap up at 8873.90 and slide down continuously from the opening correcting all the way to make intraday lows of 8652.15 and closed the week at 8674.40
Positive surprise from RBI was welcomed by market players and nifty future opened huge gap up in past week on Thursday trading session.From chart above one can clearly see the nifty future took support on the trendline after the breakout and is now trading well above the same. Momentum indicator is also signs of positive uptrend in short and medium term. The volume is also supporting the chart since the triangle breakout was on higher volume.