TURNING POINTS FOR 01.08.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:

As expected last Friday, Nifty Future remained above 5470 except for a short while when it went down to make the day's low of 5456. It ended the day at 5488.

The Weekly/Monthly chart updated yesterday, give a very bleak picture of what lies ahead for Aug 2011. Next weeks' market action will be dominated mainly by the Debt Ceiling drama played out in the US of A.

For tomorrow, fresh short positions are best taken below 5450 with stop loss of 5485. Alternatively one can consider 5555 as a stop loss and go short as an when market shows weakness. On the down side, it will have support at 5420-5400 levels and Nifty Future may make an attempt to bounce from this level. However, long positions below the breakout levels on the monthly/weekly chart are prone to danger and hence best avoided.

Put Call Ratio of Index Options increased to 1.00 as against 0.89 on the previous trading day.

Please do not trade without STOP LOSS and overnight long positions are best avoided.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR WEEKENDED 29.07.2011

NIFTY FUTURE WEEKLY

Last week saw a range of 254 points (High 5710 and low 5456) and closed at 5488 - near the low of the week.

Just as in Monthly chart, here too we have a triangle formation as highlighted on the chart. Next week onwards we would be near the apex of the chart and breakout seems imminent - in the coming weeks. As mentioned in the Monthly update my bias coninues to remain bearish - considering various negative issues on Domestic/International front. On this chart, breakout on the upside is at 5700 and on the downside it is at 5420. As the breakout could be of 1300 points one needs to be cautious of long positions and fresh long positions are best avoided till Nifty Future shows some sign of bottoming out.

Have a nice weekend!

Ketan Asher.

TURNING POINTS FOR 29.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
On the back of weakness in World markets, Nifty Future opened with a downside gap and made the day's low of 5473. As mentioned in my post, 5470 is the swing mid point as shown on the charts and the same provided support. During the day, Nifty Future did make an attempt to go up, but managed to do a high of 5517 and ended the day to close at 5493 - almost a doji.

Tomorrow is the 1st day for the new FNO settlement and last day for the month of July and hence tomorrow's close will play a crucial part to indicate what lies ahead for the next month. For tomorrow, as long as 5470 is not breached we will have to keep positive bias for Nifty Future to bounce back to a high of 5560 where it will find resistance as shown on the 30 min charts. Hence, one may take long position with 5470 as strict stop loss level. Alternatively one can consider going short when Nifty Future trades near 5560-5590 levels with stop loss of 5630.

Fresh short position may be considered only below 5470 with stop loss of 5500. On the down side, it will find support at 5400 and 5350. Considering that tomorrow is the last trading day for the month, it looks unlikely that 5470 will be breached tomorrow.

Put Call Ratio of Index Options decreased to 0.89 as against 0.93 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 28.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:

After a weak opening, Nifty Future maintained downward bias to make the day's low of 5518 - near the support area of 5500 and thereafter saw a bounce to close the day at 5548. The day's candle does show a small lower shadow, but considering the current status of the US & European markets which are down over 1% and assuming that they remain so till their day's end - we may have a contagious effect tomorrow. With FNO settlement scheduled for tomorrow, one couldn't have asked for a better combination for volatility.

For tomorrow, one can consider going short below 5565. On the down side, it will find support at 5500 - 5470 and finally 5400.

In the event of a major fall tomorrow, it would be prudent to cut your short positions. However, it would be better to avoid bottom fishing as one doesn't know the bottom.

With today's fall (post RBI rate increase), the stage is set for Nifty Future to fall below 5500 (as shown on the EOD chart), however a lot depends on how bad the US markets close today.

Put Call Ratio of Index Options decreased to 0.93 as against 0.97 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 27.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE:

After a firm opening today, Nifty Future could not sustain at higher levels, so much that it did not cross yesterday's high of 5710 - giving the first indication that all was not well. It did struggle for a while and waited till the announcement of the RBI policy. Once it was know that RBI has increased the rates by 0.50% as against the expectation of 0.25% - Nifty Future collapsed in no time. During the day, Nifty Future made High of 5709 and Low of 5555.55. It finally closed the day at 5574. It would be interesting to see on both the charts how well Andrew's Pitchfork has provided exact support for today's low.

Considering that Nifty Future has taken support at the much referred level of 5555, I would suggest going short only when Nifty Future trades below 5530 (recent low) with a stop loss of 5560. On the down side, it will find support at 5470 and 5400-5420. One can consider going long at this lower level, preferably buying call options for AUG 2011 and that too for a bounce.

On the higher side, 5630 and 5675 will provide resistance.

Put Call Ratio of Index Options decreased marginally to 0.97 as against 0.99 on the previous trading day.

Please do not trade without stop loss as market volatility may increase as we are approaching FNO settlement in just two days.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 26.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE:

In today's trading, Nifty Future opened firm and maintained upward bias through out the day. Nifty Future made low of 5616, high of 5710 and closed at 5691. At today's high, Nifty Future has touched the Trend Line on the weekly chart whereas on the EOD chart we will have the trend line resistance at 5750 - very close to the previous high of 5760.

While Nifty Future has moved up today - contrary to my expectation, but I retain my advise of not going long at higher levels as markets could turn volatile with Credit Policy announcement scheduled for tomorrow. Moreover, international markets too are uncertain and hence caution is advised at higher levels.

For tomorrow, short position may be considered below 5660 with stop loss of 5710. On the lower side, it will find support at 5620-30. Below this level, fall can be fast.

On the higher side, 5760 (previous top) will act as a resistance and hence can be used as a stop loss level too.

Put Call Ratio of Index Options increased to 0.99 as against 0.93 on the previous trading day.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 25.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:

Last Friday saw a sharp up move - thanks to strong US markets. Nifty Future opened firm and made the day's low of 5573 and thereafter went up to make the day's high of 5653. On the 30 min chart you will find that it found strong resistance at the trend line. Interestingly, on the EOD chart too, it has touched the trend line (in Blue).

As usual, I would not advise long position at higher levels and instead suggest that if Nifty Future does not cross 5665 in the first hour or so, one can consider going short with stop loss of 5680 or 5700. On the downside, it will find support at 5630 and 5590.

As markets would remain volatile ahead of FNO settlement, it would be better to deal in Puts for Aug 2011. In any case do not trade without a suitable STOP LOSS.

Put Call Ratio of Index Options decreased marginally to 0.93 as against 0.98 on the previous trading day.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR WEEKENDED 22.07.2011

NIFTY FUTURE WEEKLY

Last Friday's gains helped Nifty Future to end the week in a better shape to close firm at 5646. It traded during the week in 129 points range (High of 5662 & Low of 5533.

As the weekly candle is too small, I would not read much into the Friday's up move. Next week should be interesting as market will gain momentum if Nifty Future is able to cross the trend line on the weekly chart at 5710 and face next resistance in the form of Trend Line on the Monthly chart at 5760 - which incidentally is this month's high as of now.

Moreover, the coming week we have FNO settlement on Thursday which will make the markets more volatile.

Please do read the Nifty Future monthly update given separately as the real action seems to be in the month of Aug 2011.

Have a nice weekend!

Ketan Asher.

TURNING POINTS FOR 22.07.2011

NIFTY FUTUR 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :

After a weak opening and taking support at 5538 (0.618 shown on the 30 min chart), Nifty Future made an attempt to go up and made the day's high of 5586. Thereafter, Nifty Future remained weak and at the fag end of the day, made a low of 5533. During better part of the day, it gyrated between the levels of 5555 and 5533 with a downward bias. On the EOD chart, Nifty Future made lower top / lower bottom for the day. Most importantly, Nifty Future closed @ 5544 - below the key level of 5555.

For tomorrow, I would advise going short below 5530 with stop loss of 5560. On the down side it will find support at 5500 and 5470. Existing short positions should be continued with stop loss of 5610.

It is advisable to avoid fresh long positions, till Nifty Future finds a bottom.

Put Call Ratio of Index Options increased marginally to 0.98 as against 0.96 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 21.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In today's trading, Nifty Future opened firm and made the day's high of 5654, but could not sustain at higher levels (as anticipated yesterday in my post). It maintained downward bias throughout day, although the fall accelerated once Nifty Future broke 5611 (mid point for the week given in TP Grid) and made the day's low of 5554 and finally closed @ 5570. As shown in the EOD chart, the size of the candle does indicate as a key reversal day and moreover it has decisively closed below the Trend Line on the EOD chart. The only comforting factor for the bullish view now is that today's low is just at the level of 5555 referred often by me as a key level and has closed marginally above that level.

In view of the above, I would not advise any bullish trades and would change my view only if Nifty Future closes above 5630 tomorrow- which looks very unlikely - looking at today's EOD candle. As such, short positions may be held with STOP LOSS of 5610 or 5630 depending on individual risk apetite. One can consider going short below 5550 with stop loss of 5610. On the down side, it will find support at 5540, 5500 and 5470.

Put Call Ratio of Index Options increased to 0.96 as against 0.91 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 20.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE:

Contrary to my expectation, Nifty Future did not open weak and as such did not even go below the critical level of 5555. The EOD chart does not reflect the correct picture as Nifty Future had a Open=High=5562.

Though the day started weak and made a low of 5562 - just 2 points above yesterday's low. As Nifty Future did not get weak, in the 2nd session it saw a sharp up move which took Nifty Future to high of 5642.

Inspite of today's up move, I would not advise fresh long position as Index Options data shows that 5600 Call Options position was reduced where as Put options of 5500 and 5600 got added. To me this indicates weakness.

Fresh short positions may be considered below 5590 with stop loss of 5625. On the down side it will find support at 5555 and weakness will accelerate below 5555.

In the unlikely event of Nifty Future going up, it is advisable not to remain short above 5700.

Put Call Ratio of Index Options increased to 0.89 as against 0.85 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 19.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD


NIFTY FUTURE:

After a weak opening, Nifty Future remained in a narrow range with a negative bias but did not go below the level of 5555 mentioned in my post. During the day, Nifty Future made a High of 5609 and low of 5560. It finally closed weak at 5573. On the EOD chart, it has closed just on the trend line and has made a lower top / lower bottom which indicates weakness.

Considering that World markets are down over 1% - at the time of writing this post, it is quite likely that we will have a weak opening too. Once Nifty Future trades below 5555 weakness will persist and one can consider going short with a stop loss of 5590. On the down side, it will find support at 5500 (previous low) and 5470. Break of 5470 will take it down to 5400.

Long positions may be considered only near 5420 with stop loss of 5395 and that too for a bounce and not a fresh bull run.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 18.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE:

In Friday's trading, Nifty Future opened firm and made the day's high of 5640 and could not sustain at higher levels. On the downside it took support on the trend line and made the day's low of 5564 and closed the day marginally up at 5587.

Tomorrow, one can consider going short below 5555 with stop loss of 5585. On the down side, it will find support at 5515 - 5470 and 5420. One can consider going long at 5420 with stop loss of 5400.

On the higher side, it will gain momentum only above 5650 but looks unlikely that it will happen.

As Nifty Future looks for a trend, expect volatility to be above average.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

PS: Please read the Nifty Future monthly page and also see the chart.

TURNING POINTS FOR WEEKENDED 15.07.2011

NIFTY FUTURE WEEKLY

Once again Nifty Future started lower top /lower bottom on the weekly chart. During the week, it made a range of 165 points (High 5667 & Low 5502) and closed at 5585. Marginally above the key level of 5555. Interestingly, it has formed a lower shadow - thus giving hopes to the bulls that there may be some up side - if trend line in red is broken next week at 5710.

You will see on the attached chart that we are now trading within a narrow range area and coupled with the time count on the Monthly chart (must read) next month may end up critical for the market.

If you believe that this time we may not be lucky enough to find support on the downside, be cautious while taking long positions - as my bias continues to be negative.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 15.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In view of the Terror attacks in Mumbai last evening, Nifty Future opened weak and made the day's low of 5546 and after the 1st hour of trading made consistent gains to make the day's high of 5667 - exactly on the resistance line shown on the 30 min chart. In view of the strong resistance at the day's high (as indicated in my post yesterday) Nifty Future made a sharp down move to close the day at 5600.

Considering the way Nifty Future came down sharply from the day's high, one needs to be cautious at higher levels. Tomorrow, short position may be considered below 5580 with stop loss of 5625. On the down side, it will find support at 5555. Weakness will accelerate below 5540 and in that event, there is a possibility of Nifty Future testing 5470.

Long positions may be avoided for tomorrow. Tomorrow being the last trading day for the week, it would be interesting to see at what level will Nifty Future close tomorrow, as it will leave the indications for the following week. To keep confusion away, just remember that close below 5555 is not good for continuation of the rally.

Put Call Ratio of Index Options increased to 1.03 as against 0.99 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 14.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In today's trading, Nifty Future opened firm (with the day's low of 5550) and remained sideways for better part of the day except in the last hour when it made the day's high of 5610 and closed firm at 5600.

The fact that Nifty Future closed near the high of the day and the fact that World markets are showing strength at the time of writing this post will ensure that we have a strong opening tomorrow. Long positions may be taken with a stop loss of 5580. On the higher side, it will find resistance at 5630, 5660 and strong resistance at 5675. Nifty Future may see a pull back from 5675 level before continuing the rally.

One can consider going short near 5675 with stop loss of 5700.

Put Call Ratio of Index Options decreased to 0.99 as against 1.11 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 13.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

TP GRID FOR 13.07.2011 IS UPLOADED.

In today's trading, Nifty Future opened with a downside Gap and made an attempt to fill the Gap in the early session but could not go beyond the day's high of 5693. After the mid-session, Nifty Future once again made a new low for the day at 5502. On the EOD chart, I have marked Andrew's Pitchfork (though unconventional) and you will find that the day's low has been exactly on the Median Line. The day's candle is having some lower shadow, which augurs well, as it suggests some buying at lower levels.

For tomorrow, one can consider going long once Nifty Future trades above 5555 level with stop loss of 5500. In case of weakness due to Global cues, one can even consider buying at around 5500 levels with a stop loss of 5470. On the higher side, it will find resistance at 5580 and 5650. Nifty Future will gain momentum above 5650.

Fresh short positions may be avoided.

Put Call Ratio of Index Options increased to 1.11 as against 0.99 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 12.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE:

In yesterday's trading, Nifty Future opened with a downside Gap. It did make an attempt to fill the Gap but failed to do so and in the second session fell more sharply to make the day's low of 5605 . During the early session, it made a High of 5659 and finally closed the day at 5617 - with a small lower shadow on the EOD candle.

In view of the weak Global markets, we too may see a weak opening, but as shown on the EOD chart, we may see Nifty Future taking support around multiple support area near 5555-5590. There is a gap on the EOD chart at 5559-5564 and it may get filled today. As indicated yesterday, one can consider going long around 5580 (Trend LIne support)

with stop loss of 5550. In the unlikely event of Nifty Future breaking 5555, it may test 5475 level.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 11.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE:

Although Nifty Future opened firm last Friday, it could not sustain at higher levels (high 5760) and traded weak throughout the day. In the mid session, it did make an attempt to go up but instead fell sharply to make the day's low of 5661 and closed weak at 5672.

For tomorrow, one can consider going short only below 5660 with stop loss of 5700. On the down side it will find support at 5590. At this level, one can consider going long with a stop loss of 5555. In case of bounce from 5590 level, it will find resistance at 5660 and 5700.

As Nifty Future can make one more attempt to cross trend line resistance at 5780 , it is advisable not to remain short above 5725.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR WEEKENDED 08.07.2011

NIFTY FUTURE WEEKLY

As expected, Nifty Future found strong resistance at 5760 last Friday and closed at 5672. The range for the week was 143 points (High 5760 & Low 5617).

Next week, Nifty Future may try to cross the trend line resistance after a correction up to 5600 levels. As long as Nifty Future trades above 5555 the bullish bias will help as Nifty Future crosses the trend line resistance at 5780, it will make an attempt to go high up to 5950 - as shown in the quarterly chart last week.

The major influencing factor for our markets would be the quarterly results which will be announced starting with Infosys.

Please keep 5555 as the guiding line for the bullish view.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 08.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE:

After a hesitant start, Nifty Future maintained positive bias and gathered momentum after mid-session. During the day Nifty future made a low of 5641 and high of 5752. It did close firm at 5745.

While the rise may be bringing smiles to all, as we go higher, we are entering critical zone as the ground realities remain the same as they were about two weeks back when we bounced from a low of 5182. The only factor that may have changed is the FII money flow.

As indicated in last weekends' post we have room to go up to 5950 this month.

Coming back to the technical factors - after today's up move, we are close to 200 DMA which is at 5756 and another significant level indicated in the TP Grid - 52 Week mid point at 5762. These levels, coupled with trend line shown in the EOD chart may act as strong resistance tomorrow. As regards 200 DMA, I would like to add that the MA itself has now started its decline as can be seen on the EOD chart.

While it may be premature to call the end of this strong up move, it will definitely be helpful to have a healthy correction so that the up move becomes much more sustainable. In view of the above, I would not advise going long tomorrow. As a contrarian move, one can consider buying 5500/5600 Puts or go short when Nifty Future approaches near 5800 levels, with stop loss of 5815. On the downside, it will find support at 5685, 5660. Major weakness may be expected only below 5600.

Put Call Ratio of Index Options decreased to 0.91 as against 1.05 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 07.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

One more day with just 50 points range with downward bias and also a lower top / lower bottom day. The day's high, low and close were 5667, 5617 and 5637 respectively. I have redrawn the triangle on 30 min chart to cover today's price movement.

For tomorrow, the triangle indicates downward breakout below 5616 and upward breakout above 5660. As Nifty Future continues to trade below 5702, I would maintain downward bias - at least for one more day and hence short position may be considered below 5615 with stop loss of 5640. On the down side, it will find support at 5585 and good support at 5555. As such, in the event Nifty Future holds this level for some time, one can consider going long at this level with stop loss of 5500.

Considering the small candles on the 30 min chart, even after the triangle break out, one needs to be prepared for the eventuality of upward breakout. If this materialises, one can consider going long above 5680 with stop loss of 5650. On the higher side, it will find resistance at 5700 and 5750. It is advisable not to remain short above 5702.

Put Call Ratio of Index Options decreased to 1.05 as against 1.16 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 06.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:

As expected, Nifty Future maintained downward bias throughout the day except in last one hour when it made an attempt to move up - with help of Bank stocks. However, as Reliance traded weak during the day, the attempt remained feeble and to an extent futile as Nifty Future could not move up convincingly.

On the 30 min chart, I have drawn a triangle which is almost ready for a breakout tomorrow, and thus making my job easier. The break out level on the upper side would be above 5670 (make it 5680 to be on the safer side) and on lower side it would be 5630. Depending on which side the market trades tomorrow, you can trade accordingly. Considering my bearish bias below 5702, I would expect the breakout to be on the lower side. However, please do not prempt the breakout and trade only after one of the levels is breached and that too with stop loss of about 30 points.

On the down side, Nifty Future will find support at 5585 and 5555.

Put Call Ratio of Index Options decreased to 1.16 as against 1.29 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 05.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :

In today's trading, Nifty Future opened strong and made the day's high of 5690, but could not sustain at higher levels and came down to make the day's low of 5642 and closed right at the middle 5666 - making EOD candle as doji, indicating indecision.

For tomorrow, one can consider going short below 5660 with stop loss of 5702. On the down side, Nifty Future will find support at 5575 and 5555.

I continue to maintain that down side is possible, before Nifty Future resumes upward march ahead of results. However, existing short positions should be held with stop loss of 5702 and fresh buying should be considered around 5475 levels.

Put Call Ratio of Index Options increased to 1.29 as against 1.22 on the previous trading day.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 04.07.2011

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :

In Friday's trading, Nifty Future opened with a gap and made the day's high of 5702. As expected, it could not sustain at higher levels and came down to fill the opening session's gap and made the day's low of 5616 and closed at 5638. On the 30 min chart, I have redrawn the which covers only a part of the Friday's movement. From the chart you will observe that having come out of the ellipse after a strong up move, Nifty Future may test the lower levels even if Nifty Future is to open firm on the back of strong clues from US market. On the higher side, it will find resistance at 5680 (Trend Line in Blue).

I would change my view to positive only when Nifty Future trades above 5702 - high made on last Friday. As explained in the Weekly post, Nifty Future will gather steam only above 5770.

For tomorrow, one can cosnsider going short below 5616 with stop loss of 5640. On the down side, it will find trend line support at 5580 on the EOD chart. It could be a safe level to go long with stop loss of 5550.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

PS: I have uploaded Charts of Monthly /Quarterly trime frame. I would urge the readers to have a look at these charts to get better perspective on why a bearish looking market till last week is now being talked about for the up side. In my view if 5800 is crossed we may go up to 5950 during the results season, before starting the fresh down move once again.

TURNING POINTS FOR WEEKENDED 01.07.2011

NIFTY FUTURE WEEKLY

To coincide with the FNO settlement last week, Nifty Future remained firm except on last Friday, when it receded a bit to leave a small upper shadow on the weekly candle. During the week, Nifty Future gave a range of 258 points (High 5702 & Low 5444) and closed at 5638.

I have uploaded two charts - Monthly chart for June 2011 & Quarterly chart for QE June 2011. These charts suggest possibility of upside till 5950. Considering that World markets are once again on an upswing and we will have quarterly results starting from around 10th July, we could see continuation of the up move once we manage to cross 5770.

In view of the small upper shadow on the previous weeks' candle, it is possible that we see some downside in the coming week - say up to 5470-5500 level next week before resuming the up move.

With Best Wishes,

Ketan Asher.