NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In Friday's trading, Nifty Future opened with a gap and made the day's high of 5702. As expected, it could not sustain at higher levels and came down to fill the opening session's gap and made the day's low of 5616 and closed at 5638. On the 30 min chart, I have redrawn the which covers only a part of the Friday's movement. From the chart you will observe that having come out of the ellipse after a strong up move, Nifty Future may test the lower levels even if Nifty Future is to open firm on the back of strong clues from US market. On the higher side, it will find resistance at 5680 (Trend Line in Blue).
I would change my view to positive only when Nifty Future trades above 5702 - high made on last Friday. As explained in the Weekly post, Nifty Future will gather steam only above 5770.
For tomorrow, one can cosnsider going short below 5616 with stop loss of 5640. On the down side, it will find trend line support at 5580 on the EOD chart. It could be a safe level to go long with stop loss of 5550.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
PS: I have uploaded Charts of Monthly /Quarterly trime frame. I would urge the readers to have a look at these charts to get better perspective on why a bearish looking market till last week is now being talked about for the up side. In my view if 5800 is crossed we may go up to 5950 during the results season, before starting the fresh down move once again.
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