NEXT WEEK... ANY GUESS?

When you analyse the numbers with much concentration, you get to know the trend for the coming days. The foot steps of nifty during the last week is to be understood in order to precisely predict the next week levels.

Nifty opened gap up 11196 from a previous week close of 11174 and ended positive at 11305.

Nifty made an intra week low of 11090 and took support near 62%  retracing level of 1000 points.

Nifty made a close above 200 DMA which gives some confidence but it must continue during the next week also to ensure onward rally.

The problem is with Bank Nifty which is still hovering around 28000 and did not help nifty to move up. Yesterday's rally was purely out of non banking scrips. Unless BN scrips give support nifty alone cannot host a party.

As per my earlier post, since 12 scrips are bullish and 12 bearish and remaining 25 scrips are going to be in sideways / consolidation, I expect a swing low in nifty anywhere between 11090-11189, say 11140 where nifty should reverse strongly next week.This moment could be flash and you can see nifty immediately closing above 11196.  

For Bank Nifty, results of HDFC Bank should be the trigger point, to start a fresh rally.  27450 should be ideal level for bounce.

Good luck to everyone !