Please down load 2010 Calendar marked with
NSE Trading Holidays.
NIFTY FUTURE 30 MIN/NIFTY FUTURE EOD
NIFTY FUTURE:
Today's price action is one more confirmation that Market has its own Law and can humble all of us. While I don't have an explanation for today's one sided movement except for saying that it makes sense to use STOP LOSS deligently and that's the reason that even at the risk of being monotonous I add one line every day - "Please do not forget to use STOP LOSS" which not only acts as reminder to the reader but also acts as reminder for me.
Those following TP Grid must have joined the party at an appropriate levels and that's the advantage in Rule based trading. While many of you are taking advantage of the TP Grid, I would urge the skeptics to try it out by monitoring Nifty Future and am sure they will see merit in what i am uploading every day.
Now what?
While today's price movement was one sided without even an intra day correction, I would like to wait for one more day for confirmation that the market is in the mood to make a new top. While the close is near the high of the day so it leaves little doubt that we will have a firm opening tomorrow and Nifty Future could make a new high. In the unfortunate event that market - for what ever reasons takes a U turn, then it will have serious implications as it would have made a triple top and reversed.
On the 30 min chart, i have shown the last candle touching a resistance level and we will have to see if market reverses from there tomorrow. The first signal for bearishness should be taken when Nifty goes below 5070. One can go short below 5050 with stop loss of 5075. The fall will accelerate below 4990 and in that case it will be better to trail the short position.
Put Call Ratio of Index Option remained almost unchanged at 0.92 as against 0.95 yesterday.
What ever may be your view please do not trade without STOP LOSS.
With Best Wishes,
Kettan Asher.
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