Nifty has staged a 'remarkable turnaround' in the week goneby and I had already warned of 'shorts' getting nervous and rushing for 'short covering' and that is exactly what happened though the 'ease' with which 5200 was taken was surpising and pointed to the underlying strengths of markets.
Since it is a week of FNO Expiry, expect heightened volatility with Nifty poised to test the year highs of 5400 on first two days of week only while we can see dramatic reversals as well in mid-week. I expect to see Nifty trade in a range of 5220-5420 for the coming week. Expect fertlizers, oil marketing cos. to perform well while banks and reality should see some shorting at higher levels.
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