NIFTY FUTURE WEEKLY
Due to a sharp rise on Friday - in the week gone by, we saw a positive closing (4772) with a range of 229 points (High 4821 & Low 4592). For the third week now, we remain sideways, in about 280 point range.
To see further up side, we need to cross 4835 in the coming week or else we will see a sharp move down. With starting of results season with Infosys scheduled for 12th, I expect Nifty Future to move up at least up to 4880 and 4920. In the best case scenario, it can even go up to 5050 level where it will find strong resistance due to the Trend Line (shown in Red).
In the coming week, a lot depends on the Infosys results and a surprise rate cut by RBI as an icing on the cake!
Even if the above scenario unfolds, I would advise caution at higher levels, as Trend Line resistance at 5050 referred above, may be a hard nut to crack as we have already made a lower bottom after a failed attempt on the earlier occasion - just a few weeks back.
Have a nice weekend!
Ketan Asher.
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