Yesterday the FNO settlement ended amidst lot of volatility, on a downward bias. However, Nov Nifty Future traded at a premium of 70 points leaving hopes of continuation of the up move. The fact that Nifty Future closed below 6000 itself indicates weakness.
Today is an important day, as it is a last day of the weak/month. Any close below 6100 should be considered as the first sign of weakness on the monthly chart. This will confirm my apprehensions of market top in the 144th week (6318) from the previous high of 6336 in Jan 2008.
Though Nifty Future has 0.382 level support at 5950, what is important is the how far the Nifty Future is able to bounce. Further up side should be expected only if Nifty Future manages to go above 6065.
On the down side 5950 will act as a good support.Will post regular weekly post tomorrow.
All the best.
All the best.
