NIFTY FUTURE 30 MIN
NIFTY FUTURE :
On last Friday market opened lower but made an upmove there by forcing the shorts to cut their position and also helping the upmove. I would like to draw your attention that Nifty future could not cross previuos weeks' high and has continued the process of lower top - lower bottom for the previuos week.
Interestingly in this phase of the market - both the views : bearish as well as bullish, are alternatively proving right.
In view of good close in US markets, higher opening on Monday is a forgone conclusion, but wether it will help Nifty Future make a new high above 4730 remains in doubt. Even at the cost of being repetitive, i would continue to maintain that this should be treated as an upmove in the range bound market which is in a range of 4350 to 4700. On weekly charts the oscillators too do not give the confidence of sustained upmove. Those readers who may be having bullish bias must be cautious and keep a tight stop loss for long positions.
In line with my bearish view for reasons stated above - on the individaul charts attached herewith - i have indicated the higher levels where i condiser selling to be safe. I have also indicated suitable stop loss for each of theses items and should be used without fail.
Nifty future can be sold at resistance around 4625 with a stop loss of 4660. Nifty future will get weak only below 4500.
As stated in my earlier post, this volatility will have to be endured till market decisively crosses either above 4730 on upper side or 4350 on lower side.
Trade cautiously and do not forget to use STOP LOSS.
With Best Wishes,
Ketan Asher.
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