NIFTY NEXT WEEK [05/04/10 - 09/04/10 ]
Monetary policy and corporate results would lead the market from here. Past two weeks nifty traded in a tight range. For next week I feel again it may trade in a tight range or a break out may happen on either side based on FII’s buying or selling. To my knowledge for next week any long position should be taken based on the FII’s buying only. Would nifty closes above the crucial 5330 levels with good volume, on any day, then an upside breakout is highly possible. In addition any heavy weights below expectation results may trigger a steep correction too. The 5220 is a crucial support level to be watched for the next week trade. I have misgiving on the upside breakout of nifty because of a sudden drop in the FII’s buying on Thursday. Let’s see what happens next week.
NIFTY TRADING RANGE.
For upside breakout 5220 - 5570
For downside breakout 5330 – 4860
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