NIFTY FUTURE EOD
NIFTY FUTURE:
In yesterday's trading Nifty Future remained sideways in the first half of the day and in second half finally went up with the desired momentum. As has been mentioned for the past few days, 4850 was a major hurdle which got crossed and took Nifty to day's high of 4894 and as the high was done in last few minutes, due to the policy of average rates, the close is at 4865.
With US markets also being positive, it is a forgone conclusion that we will have a good opening - may be with a gap. On higher side 4920-4940 can act as another major hurdle which may not be cleared in the first attempt, hence all existing long position should either be liquidated at that level or be trailed with a strict trailing stop loss of 4900. There after 4985 - 5000 will be resistance area.
In case Nifty Future opens near yesterday's close one can consider buying with stop loss of 4845 for the above target on higher side. I do not recommend buying on gap open.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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