NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In yesterday's trading, Nifty Future opened weak and made the day's low of 5444 and bounced back to make the day's high of 5559 and closed at 5534. On the EOD chart you will observe that we have closed just on the trend line (in magenta) with a small upper shadow.
For today, fresh buying can be considered above 5559, as it will then head for the next resistance at 5600 (previous top twice). Thereafter, it will gain further strength to move up to 5675 and 5765. It is not advisable to remain short above 5600. With FNO expiry scheduled for Thursday, please be ready to expect the unexpected on the up side.
Fresh short position may be considered only below 5500 with stop loss of 5535. Avoid going short at higher levels as crossing of 5600 will get further strength.
In the event, Nifty Future shows strength in the opening session (most likely it will, as US markets have closed up) consider buying 5600 call as the risk involved will be only the premium paid, where as the gain could be much more if Nifty Future is able to scale up as indicated above.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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