Nifty Future Weekly for August 4-8 - Rakesh Chandra

I agree with Sainik that there is light ahead of the tunnel, but I would like to add some more. We have indeed some more tunnel ahead and it is possible that the light could go off any time.

Let me explain:

This bull rally has many resistances on the upper side between 4600 and 4800, so we will see strong rise one day and sudden fall and consolidation, the next day. The market looks good on the EOD charts, but on the weekly I anticipate some problems.

The price momentum that has been continuing from last 3 weeks. Usually, after a 3-bar pattern, the price reverses. Of course, let the market decide which direction the camel should face. From a trading point of view, we will go long only above the bullish weekly level. Any decline up to the weekly lower side is a buying opportunity.

Upwave (4-5) UT3 : 4,697;
Upwave (2-3) UT2 : 4,631;
Upwave (0-1) UT1: 4,525;

Price is bullish over weekly pivot point 4,459.29 and bearish below 4,418.71.

Weekly lower target is:

Down Wave (0-1) LT1 : 4,353;
Down Wave (2-3) LT2 : 4,247;
Down Wave (4-5) LT3 : 4,181.