NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
On the last Friday's trading Nifty Future ended the day with a doji on the EOD chart. On the 30 min chart you will observe that trend line (in magenta) has provided resistance. In hindsight we can say that Nifty Futurre had foreseen the fall of over 2% in US & European markets.
In view of the weakness in overseas markets, in all likelyhood we should have a weak opening.
Short positions may be considered with a stop loss of 5055/5075 depending on the way market opens. On the down side it will have support at 5000 - 4920 and strong support at 4865-4885 level. If Nifty Future stabilises at this level, one can consider buying (for a bounce up to 4920) with a strict stop loss of 4850. Weakness below 4850 can take Nifty Future down to test the previous low of 4700.
It is important that you read (and also see the charts) the Monthly & Weekly post which was updated yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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