NIFTY THIS WEEK [10/05/10 – 14/05/10]
This week nifty traded in a tight range with positive bias. Weekly Volume was rather good. FII’s had sold for 694.22 crores and had bought 284.15 crores. They remained net sellers for 410.07 crores. Nifty had retraced less than 1/3rd of the points that it had lost last week. Through out the week nifty was unable to close above 5200 levels. Technically a bearish mood prevailed at the end of the week.

NIFTY NEXT WEEK [17/05/10 – 21/05/10]
As nifty closed below 5140 levels, in my sense, would nifty unable to sustain above this level next week, we may see further selling. The 5020 levels would be the significant levels to be watched for next week trade. Below this level nifty may weak further and could correct sharply!
Still, in the historical price chart higher tops and bottoms had been forming. Based on this, in my observation, nifty would not surpass 4850 levels in coming sessions.
As for as weekly price chart concerns, as FII’s remained net sellers for the week and had nifty closed below 5140 levels, we may see further selling for first one or two days.
In the last week Dow Jones price chart, a morning star pattern had formed. In addition, in the Dow Jones weekly price chart, a bullish pattern had formed. Based on this, going forward, we may see an up trend in the U.S markets. Eventually this may reflect in out market.
So in my view, next week, market may probably be in a mixed range. Let’s see what happens next week.
NIFTY TRADING RANGE
FOR AN UPMOVE 5140 – 5400
FOR DOWN MOVE 5140 – 4850

NIFTY LEVELS FOR MONDAY
As nifty closed below 5140 levels and FII’s were net sellers on Friday we may see further selling on Monday. On Friday nifty had taken a weak support around 5120 levels. 5050 levels would be significant levels to be watched for Monday trade. Below 5020 level we may see a correction!
NIFTY TIPS
BUY ABOVE 5140 T1 – 5165, T2 – 5190, T3 – 5203 STOPLOSS – 5125
SELL BELOW 5120 T1 – 5095, T2 – 5070, T3 – 5045 STOPLOS – 5135
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