NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
As expected, Nifty Future remianed bearish on Friday to close the week at 5053 - thus leaving long upper shadow on the weekly candle. The fact that Nifty Future could not cross the previos day's high of 5174 indicated that Nifty Future lacked the strength at higher levels.
Looking at the fall in US/Europe in yesterday's trading, we can expect a weak opening.
For tomorrow, one can consider going short below 5040 with stop loss of 5100. On the down side it will find support at 5000 - 4950 and 4900. In case NIfty Future takes support at 4900 for 30 min, one can consider going long with stop loss of 4865.
As is being mentioned in my post for quite some time now that Nifty Future can retest 4700 level or may even go little lower, however I would like to add that profit taking in short position will be a good strategy as markets need not crash in one day. After all the problems in the Developed countires like US / Europe are much different than ours.
Whatever may be your view on the market, please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher
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