NIFTY FUTURE WEEKLY
Please see Quarterly Review - July to Sept 2010 posted as a seperate page.
NIFTY FUTURE:
During the last week Nifty Future made a high of 6184 and low of 5895, giving weekly range of 289 points - that too in the 4th consecutive week after breaking above 5545 range. Weekly close at 6176 is near the high of the week and hence indicates that the up move may continue.
Friday's strong move came up even after SEBI banned 500 FIIs from trading w.e.f 1.10.2010. May be the number of FIIs banned is much smaller compared to approx. 1700 FII's operating in the country and hence market did not take cognisance of the SEBI directive.
I would also like to highlight here that GOLD has been making new high's for the past week. Normally, Gold and equity prices are inversely related. In current scenario both are breaking new grounds regularly.
Although I could be wrong in my judgement but there is some disconnect with regard to the above two points and the current market behaviour.
On the quarterly chart attached along with 'Quarterly Review - July to Sept 2010' you will observe that yesterday's high is almost on the Median Line of the Andrew's Pitchfork. In normal circumstances, this will act as a strong resistance - at least for once and this may lead to much awaited market correction. Hence it is time to tread with caution.
In my regular post for Monday, I will post Nifty Future levels.
Have a nice weekend !
Ketan Asher.
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