NIFTY FUTURE 3O MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In Wednesday's trading, Nifty Future showed its first sign of weakness when it did not break the previous days high. If you see the market in this perspective, subseuent fall after SBI results and Moody's adverse comments on the Banking sector, just provided the reasons to explain the sharp fall. The day wihch ended as a lower top / lower bottom, saw the day's high of 5131 and day's low of 5226. It closed the day near the low of the day at 5237.
Subsequent to our market fall, Wrold markets too have been down by over 2%. Considering our market holiday today, we may see the impact in tomorrow's trading, though I expect it to be diluted if US & Europe markets close positive today. Since the time we had a gap up opening some days back, I had been xpecting the Nifty Future to fill the gap at 5192. I am sure we will not miss out that event this time around.
For tomorrow, I would recommend to square up the short positions, as I expect Nifty Future to take support around 5140 . Moreover, tomorrow is the last trading day of the truncated weak and hence would provide important guidance as regards the following weeks. I would prefer to wait for Monday to tke a fresh view on the market - now that it has filled the gap. I would certainly not like to add fresh short position .
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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