For a long time, we are watching the upwardly rising
channel on Nifty futures as seen in the
chart above. Last week, Nifty clearly closed outside the channel that may
represent a reversal of the uptrend. But what is surprising, this break in the
long running channel is not accompanied by a rise in trading volumes. Such
breaking of the trading channel should have been accompanied by a rise in
trading activity,though its not a 'must have' condition. But another important
thing is to note that Nifty is just close to 20 week moving average 5860 which
is supposed to be a strong support. Hence, the coming week (25th Feb - 1st Mar
) will be a very crucial one that will set Nifty on a decisive direction.
For more updates, keep on watching this space !
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