NIFTY FUTURE EOD
Hi,
I am back after a short break. As i am yet to settle down, i have posted just a brief writeup for todayalongwith EOD chart. Regular post starts from 21.06.2010 - Monday.
From today, I will start giving MTP (myturningpoints) on twitter, as indicated earlier. Twitter address is www.twitter.com/myturningpoints . If you find it profitable for your trading/investment decisions - just follow me. Thanks to all those who have already signed up.
NIFTY FUTURE :
Since the time of my last post, Nifty Future is up by about 5% and near the upper end of the trading range.
It is significant to note that yesterday's high is near the previous gap - Low of 5298.9 on 27.4.2010 and High of 5290 on 30.4.2010. This coupled with a trend line shown on the EOD chart could act as a resistance. Moreover, today is the 8th day after seven straight up days and hence caution is advised. Existing long positions should be protected with stop loss of 5240.
While I do not recommend short positions at this stage, I would not advise fresh long positions at higher levels either. Better to do profit booking in those items which you have bought at lower levels.
With Best Wishes,
Ketan Asher.
PS : Reliance is near its MTP of 1087. It will get stronger above this and will help Nifty decide future course of action.
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