NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD NIFTY FUTURE :
After a firm opening and making a new top, Nifty Future remained in narrow range of 48 points - High 5885 and Low 5837. It closed the day at 5861 - a doji indicating indecision. We are currently facing resistance at 2.618 level of the last down swing on the 30 min chart.
As shown on the EOD chart, we will decisively clear this resistance only when above 5900 to face the next resistance at 5940 and then the last significant resistance at 6000. Once we close above 6000, there is a good possibility of crossing previous top of 6210 and head for a new top.
Considering the strength shown by World markets, we may see a firm opening. Long positions may be considered only above 5900 with stop loss of 5860. On the way up, 5940 and 6000 will provide resistance.
Short position may be considered below 5860 with stop loss of 5900. On the down side, we have supports at 5830 - 5800 and 5760.
The important thing for market would be to decide if it is able to go above 6000 this week or correct itself to 5500 and fill the gaps left on the way up.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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