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Yes. Global cues and Sep contract expiry will lead the market come week. Technically in the weekly price chart we may expect a bull trend for come week, that too only when global cues come positive.
Last week FII’s were net buyers for 6450-odd crores and a week before last week [07/09/09-11/09/09] they were net buyers for 2900-odd crores. Totally for past two weeks they were net buyers for 9350-odd crores. For past two weeks nifty had been trading in side ways.
This was highest two week FII’s inflows, compared to the net two week FII’s inflows on May 2009 and Sep 2007.
On May 2009, from 04/05/09 - 15/05/09 for two weeks, FII’s net inflows were 8000-odd crores. Again, technically for this period nifty had been trading sideways and very next trading session, on Monday 18/05/09 nifty had a break out and hit the upper circuit due to congress victory.
On Sep 2007, from 03/09/07 – 14/09/07 for two weeks, FII’s net inflows were 3450-odd crores. Again for this period, two weeks, nifty had been trading side ways and had a break out. Nifty rallied for more than 700 points without correction.
Would global cues come positive then we may see good upward breakout in come week.
Would any negative global cues come; there is high possibility of nifty moving downwards because there was huge gap up opening on May 15th which was left unfilled till date.
By and large I strongly expect a breakout and the direction would depend on global cues.