NIFTY TODAY
Today too nifty traded in tight range with positive bias and managed to close above crucial resistant 5275 levels. Nifty had good support around 5275 levels. Volume was good. Market breath was positive with 31 advance 19 declines. Still nifty fut was in discount. FII’s were net buyers for 355.55 crores. DII’s were net buyers for 217.61 crores.

NIFY THIS WEEK [26/04/10 – 30/04/10]
This week too nifty traded in tight range with negative bias. Volume was low, compared to previous week. FII’s had bought 680.22 crores and sold for 295.42 crores. They were net buyers for 384.80 crores. Past six weeks nifty had been trading in side ways and break out is expected at any moment. Nifty had good support around 5200 levels and resisted around 5340 levels. Comparing to previous week, nifty this week formed a higher high and higher low. Let’s see what happens next week.

NIFTY NEXT WEEK [03/04/10 – 07/04/10]
In nifty daily price chart I observed a head and shoulder pattern with rising wedge; its neckline was around 5205 levels. If I am correct we may see 150 points correction from this level i.e. 5100 levels. However it may retrace by next week itself.
FII’s still remain buyers is positive for the market. To my knowledge crucial support level to be watched for next week would be 5225 levels below this nifty may weaken. Crucial resistant would be 5275 levels. For next week I expect a wide range trade on either side. Let’s see how it pans out.
NIFTY TRADING RANGE
FOR UPMOVE 5275 – 5383
FOR DOWM MOVE 5275 – 5100
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