NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
As running out of time, just a brief post for today.
NIFTY FUTURE:
In a volatile trade yesterday, after a strong opening, Nifty Futurre chose to make the day's high of 5040 (who says miracles dont happen!), but fell short of filling the previous gap by just 2 points. In the second session, it gave up all the gains not only to fill the opening gap, but went very close to the previous low of 4901 to make the day's low of 4904. It finally closed the day at 4942. On the 30 min chart, you will find that Nifty Future has once again taken support on the trend line - thus making it all the more important. Another noteworthy point for the day is that Sensex and Bank Nifty breached the previous day's low - though marginally, which does not augur well for the market.
For today, guidance remains the same as yesterday. Go long above 4972 with stop loss of 4940. On the higher side, it will find resistance at 5050 and 5075. If 5075 is at all crossed, short covering itself can take Nifty Future to the previous high of 5174 - This possibility can not be ruled out as yet.
All in all, safer to trader in Puts & Calls. When Nifty Future trades higher do buy 4700-4800 puts.
In any case please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
Hello Sir,
ReplyDeleteFrom the past few days I am a regular reader of your blog. I have not started trading in nifty futures yet and am only following the markets for the time being.
I find your views very useful.
-Prakash Kamath