Sunday, January 2, 2011

TURNING POINTS FOR 03.01.2011


NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
The year 2010 ended on last Friday on a strong note and gave 17.95% (938 points) return over the year. We are now in a strong resistance area as mentioned in the quarterly review updated yesterday. Moreover, in the enthusiasm of ending the year on a strong note, we had a gap open on Friday and the same will have to be filled soon.
As has been my view, please avoid fresh long positions at higher levels. As indicated in last post, 6175 (trend line shown on the EOD chart did provide resistance). Moreover, on the higher side, 6210 and 6240 can be strong hurdles. I would advise going short with these two levels as reference points depending on ones' risk profile. Nifty Future has to fill the Gap left on Friday opening session and hence can come down till 6100, before resuming the up move - if at all.
Alternatively, one can go short below 6150 with stop loss of 6185. On the down side it will find support at 6125 and 6090.
Put Call Ratio of Index Options increased to 1.29 as against 1.03 on the previous trading dau.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.

No comments:

Post a Comment