NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
After a weak opening, Nifty Future remained in a narrow range with a negative bias but did not go below the level of 5555 mentioned in my post. During the day, Nifty Future made a High of 5609 and low of 5560. It finally closed weak at 5573. On the EOD chart, it has closed just on the trend line and has made a lower top / lower bottom which indicates weakness.
Considering that World markets are down over 1% - at the time of writing this post, it is quite likely that we will have a weak opening too. Once Nifty Future trades below 5555 weakness will persist and one can consider going short with a stop loss of 5590. On the down side, it will find support at 5500 (previous low) and 5470. Break of 5470 will take it down to 5400.
Long positions may be considered only near 5420 with stop loss of 5395 and that too for a bounce and not a fresh bull run.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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