The nifty future broke out of the linear regression channel and closed above the same. The short term moving average has also given the crossover over the medium term moving average. Daily RSI bounced strongly from 45 to now trading at 61.18 with a positive momentum in favor of the bulls.
Nifty future closed the week on a very weak note. After the one way rally from past couple weeks of January series nifty future was looking tired and consolidating around 8800 to 9000 range. last whole week the market tried to hold above 8800 levels and tested 9000+ intraday highs on friday before sliding up towards 8900 and lower.
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.
Nifty future again breaks out on fridays trading session and made life time highs at 8668 and closed the week at 8638.35. Momentum indicator RSI has turned upwards again. Stochastics oscillator also showing signs of positive momentum and with price action as seen on fridays bulls are in full control.
Nifty Future November Series closed on strong notes on Friday’s trading session. After opening at 8420.50 it made lows of 8412 Nifty Future moved sharply up side on higher volume to make intraday high of 8512.90, A move of 100 points from lows nifty shut the shop for the day at close 8492.
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.
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 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.
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.