NIFTY FUTURE :
In today's trading Nifty Future could not cross the trend line shown in the Nifty Future 30 min chart, even though it got good support from Infosys.
With today's close (and some support from US markets), it looks almost certain that Nifty Future will cross the previous high tomorrow - to end the current FNO settlement by making a new high. On higher side Nifty may face resistance at 4766 and 4800.
Nifty Future may be sold below 4640 with stop loss of 4660 and it will find support @ 4590 and will get weak below 4540.
For those trading on the long side - must bear in mind that there is momentum in the market and hence most of the scrips/sectors are looking good. However, if one looks at the valuation side - at 20 PE it should actually make things look expensive, but when cash is king - who cares?
While one should not loose any opportunity to make money, STOP LOSS should not be forgotten, when things suddenly change.
With Best Wishes,
Ketan Asher.
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