NIFTY FUTURE WEEKLY
During the past week, Nifty Future could not cross the trend line resistance at around 5140 and saw a sharp correction to wipe out almost 75% of the gains made in previous week. During the week, NIfty Future made a range of 285 points (High 5135 & Low 4850). It closed the week @ 4886 near the lows of the week.
Ironically, while Global markets are trading near the high of their trading range - despite all their economic problems, our markets are trading near the lower end - as Govt. admission to our own problems. As mentioned in my posts last week, we may see a bounce from 4850, as the gap on the EOD chart got filled. However, with renewed agitation by Anna Hazare and court hearing regarding 2G scam, may cap the upper levels near 5000 next week. On the down side, break of 4800 opens up the possibility of retesting the previous lows.
Trade with caution and tight stop loss levels.
Have a nice weekend!
Ketan Asher.
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