How will nifty go next week september 24-28 2012

How will nifty go next week september 24-28 2012 : Profit booking is when there are long positions pending in the market. It is evident across the last couple of days that there are not many long positions pending in the market. This is why we are not seeing any sell off emerging in spite of a higher open. Going into the weekend with the market finishing near the top, it is unlikely that anybody would have been courageous enough to carry forward significant long positions into the next week. Therefore, profit booking will not going to be a part of what we will see early in next week.
Some amount of selling can bring the market down. However, there is nothing that can bring about any selling. So, we do not have any issue for bringing the markets down except some fresh set of events. We will have to wait as the market is on fine footing. It has been a dream run and there is no doubt about it. Bank Nifty has gone up about 11.5% in the week and Nifty is up about 4.5% for the week. These are tremendous gains. Almost 45% of the stocks from the futures options had gains ranging from 10% to 30%. If we expand that to this whole month, the number increases to 50%. 95% stocks out of 205 have given gains in excess of 10% to 30% in a month.

Therefore, it would be prudent not to expect any significant buying to happen in the next week. We will have some stock specific moves next week. 5725-5750 on the index is a well defined resistance. If that exceeds, there is nothing to hold the index till about 5850 to 5900. Barring some event, the party will not be spoiled. It might get staggered, it might slowdown and we might not have the great runs similar to the last six sessions. However, in all probabilities, nothing will get spoiled in a significant manner.

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