NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
At the outset, my apologies for not being able to prepare the charts and give complete post last evening. While the computer problem still persists, I have made alternate arrangements to ensure that I do not miss out my posts. As regards uploading TP Grid, will need one more day to set it up.
In today's trading, Nifty Future opened with a gap but could not sustain at higher levels and came down to the day's low of 5603 and filled the gap left in the opening session. It showed some sparks only in the last hour to make the day's high of 5654 and closed at 5644 - near the high of the day.
As I had been mentioning over the past few days, I would give the credit for the last weeks' rise to the FNO settlement - duly helped by short covering. The real test for the sustainability of the rise will come from tomorrow with the beginning of the new calendar month as well as new FNO series. On the 30 min chart I have shown an ellipse which shows sharp rise in a tight range. I have also shown a trend line which indicates resistance near 5665 levels.
For tomorrow, I would not advise fresh long position. As such, if Nifty Future is not able to cross 5680 level in the early session, one can consider going short with stop loss of 5700. Alternatively, one can consider going short below 5600 with stop loss of 5650. On the down side it will find support at 5535 and 5500.
While I will put up the Monthly/Weekly chart over the weekend as usual, I must add here that on monthly chart 5750 and on weekly chart 5800 levels are required to be crossed to consider that we have bottomed out and are ready for the next up move. Till this happens, I would consider it safer to be cautious at higher levels.
Pleas do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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