NIFTY FUTURE WEEKLY
NIFTY FUTURE :
After the previous 3 weeks' sustained fall, the last week ended with a positive close and also a higher top/higher bottom - despite a big fall on the last trading day of the week.
While the Friday's close does look weak, the weekly close doesn't indicate so much weakness for the reasons indicated above, hence further weakness may be anticipated only if Nifty Future trades below 5420. Moreover, we are just a few trading sessions away from two events viz. FNO settlement on next Thrusday and immediately followed by the Finance Budget announcement on the Monday (28th Feb). These events will have their push/pulls on the market next week and thereby making it volatile.
On the down side we have supports at 5420 - 5375 and major support at 5330 (Gap left on last Monday).
In view of the two events referred above, one would do well to shed the bearish view, once Nifty Future starts trading above 5485 (without breaking Friday's low of 5436), as Friday's fall can be considerd as an one off evnet prior to clearing the hurdle of 5555 decisively on weekly basis. Also please remember the point of Right Shoulder formation discussed in Friday's post. I think Monday's 1st hour should set the tone for the coming week.
Wtih Best Wishes,
Ketan Asher.
PS: I will not be able to post 'TURNING POINTS FOR 21.2.2011" tomorrow evening and will do my best to post the same by 8.00 a.m. on Monday.
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