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MUMBAI, Aug 29 (www.GoldTradingCalls.com) Nifty futures made a trading intermediate top at 5550 and both the Indian bench mark indexes Sensex and Nifty slumped over 2% during the week as weakness persisted in global markets. It started the week on a bleak note and proceeded to trade in a sluggish manner in the middle of the week. However, last day of the week saw Sensex drifting below 18,000 and Nifty below 5,500 mark on aggressive selling seen in index pivotals. On sectoral front, realty was worst hit, which tanked over 8% followed by metal, banks, IT, auto and teck which plunged from 3% to 1%.
The 30 share index, Sensex tanked 403.41 points, or 2.19%, to 17,998.41 in the week ended August 27, 2010. On the other hand, the broad based NSE Nifty plunged 121.95 points, or 2.20%, to 5,408.70 in the same period.
Our Inhouse Quant Forecast in BLUELINE Superimposed on price chart clearly shows that Nifty futures has topped out and is currently commenced a multi- weeks decline. One should be trading Nifty calls on the short side, any short rally should be used to short Nifty index futures.
Our anlaysis is incorrect,if Nifty takes out above 5550.
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