NIFTY FUTURE WEEKLY
During the last week, Nifty Future made a range of 272 points with a new 52 Weekk low (High 5223 & Low 4951). It ended the week at 5080 - near the mid-point of the week and leaving no clear guidance for the next week. However, lower top / lower bottom does indicate weakness in the markets.
Though we will be guided more by the US/European markets, two local events too may influence our markets viz. Weak results from SBI and indefinite fast by Mr. Anna Hazare.
In light of these events, Nifty Future may make a low near 4770 (0.382 level) and bounce back from there.
In case this happens, I would not rule out pull back till 5300 - to fill the gap. It could be a good trading opportunity to buy at lower levels i.e. near 4750-4800 for trading purpose. It will be better to be out of puts next week, as we would be nearing FNO settlement soon thereafter.
Have a nice weekend!
Ketan Asher.
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