TURNING POINTS FOR 04.06.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

PLEASE NOTE :
1. As I will be out of station for 10 days, there will be no post from 7th to 17th June, 2010.
Next post will now be on 18th evening. Inconvenience is regretted.
2. Upon return, I will be giving Myturningpoints (in twitter lingo - lets call it MTP) on

Twitter during Market hours for Nifty, Bank Nifty & all the Nifty Fifty items. To illustrate, Myturningpoint (MTP) for ONGC is 1220. On the way up 1220 will act as Resistance and on

way down it will act as Support. Please do not use it without keeping a suitable stop loss

depending on your risk profile.
In case you find this useful, and would like to avail of this facility, please feel free to

register on www.twitter.com/myturningpoints. If you are an Airtel subscriber you can even

register for getting an SMS – and you will receive the message as soon as I post it.

NIFTY FUTURE:

On the back of good close in the US markets, Nifty Future opened with a gap but then remained sideways as 5100 acted as a strong resistance which is illustrated on 30 min chart. The day's high was 5109, low was 5062 and closed at 5096 - just below 5100. Although, Nifty Future has decisively come out of the channel shown on the EOD chart, opening gap remains a concern as Nifty Future will come down in the coming days, to fill this gap.

Tomorrow, fresh long position should be taken only above 5110 with stop loss of 5075. on higher side it will find resistance at 5140 and major resistance at 5170.

I will not recommend going short even if Nifty Future may retrace up to 5000 to fill the gap left in the opening session today. This opportunity may be taken to go long with stop loss of 4970.

Put Call Ratio of Index Options increased to 1.33 as against 1.09 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes and Good Bye for a few days.

Ketan Asher.