NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
On last Friday, Nifty Future opened with down side gap and continued its downward journey to make a low at 4801 and closed at 4851. The EOD candle gives some hope since it has left lower shadow and it gets significance because the bounce has come from the support level. Secondly, we have FNO settlement scheduled for next Thursday which can help market go upto 5000
For tomorrow, one can consider going long with 4800 as a strict stop loss. On the higher side, it will face resistance at 4920-4950- 4970 and 5010. As we are near to the support region of 4750-4800, I would not advise going short at lower levels.
As the US markets continue to be weak with no sign of reversal yet, cautious approach is a must. Moreover, not withstanding my optimism for a bounce, Nifty Future can still go down to test the level of 4750 and hence aggresive approach should be avoided and delivery based buying should be a preferred option.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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