NIFTY FUTURE WEEKLY
One of the small range weeks ended as a doji - indicating indecisiveness. During the week, Nifty Future made a range of 128 points (high of 5578 & low of 5450) and closed the week at 5484. The last day of the week saw a new low for the week and a weak close too. This coupled with weakness in World markets after the close of our markets leaves little doubt of further weakness in the beginning of the next week.
At this juncture it is important to recollect that we remain inside a small range (as shown on the Monthly/Weekly chart and we are now closer to the lower range and thus heightening the anxiety of cracking the 5300 level this time around. In this context, I would like to remind the readers that this month FNO series ends on the last day of the month i.e. 30th. Thus it leaves enough time for it to make another comeback to the upper range of the trading range. Hence, it would be prudent not to preempt the fall below 5300 and get too bearish on the lower side.
I will cover the pattern target of 5366 (on the 30 min chart) in my regular post for Monday and hence am not repeating the same here.
So till then don't panic and get ready for a contrarian Buy in 5600/5700 call at about Rs. 15/- which you can hold till the end of this settlement. Considering the uncertanities of the markets, adventure of naked future position is not advisable.
Have a nice weekend!
Ketan Asher.
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