NIFTY FUTURE WEEKENDED 24.12.2010
Last week ended on a firm note with Nifty Future making a range of 143 points - Hi of 6043 & Lo of 5900. As has been mentioned in my posts through the last week, Nifty Future could not cross the mid point of 6038 levels decisively during the week. But considering the strong close for the week at 6037, it is quite likely that we may cross this level to face the next hurdle at 6100 range.
Another noteworthy point for the last week is that Nifty Future made a higher bottom & higher top on the weekly chart - suggesting return of strength.
The next 5 trading sessions are the last for the current month /quarter /year and also the decade. I would like to mention here that even if monthly close is near 6215, it can still be considered as a pullback. While leading IT stocks are making new 52 week high, the Bank stocks precariously poised, and Reliance not taking the lead - the market as a whole does display mixed signals as to the medium term direction. In view of this, I would continue to advise caution at higher levels - as we continue to be haunted by higher Oil price, Higher Inflation and all sorts of Scams. The intreguing thing at the end of this decade is that we have all different asset classes viz. Stocks, Gold/Silver, Real Estate and Commodities all doing too well simultaneoulsy.
The best way to spend next week is to celebrate the good things of the year going by and prepare yourself to embrace the next decade.
With Best Wishes,
Ketan Asher.
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