NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
As expected, Nifty Future did open strong and met with resistance at 5250 when it made the high of 5249. Thereafter, it remained in a narrow range with downward bias, but in the later part of the day fell down to the day's low of 5148 - just few points above the level, I had indicated as stop loss for long position. Needless to say the close has been weak. The only positive to indicate that the up move is intact is to say that we have not yet broken the low of 5140 and better still we are above the low of 5087 - weekly low made when Nifty broke out of the range. We are in the 3rd week now when we are trading inside the range of 5402 and 5087. The day finally closed at 5156.
For tomorrow, I would recommend going long either with stop loss of 5080 or safer still when Nifty Future trades above 5200. On the higher side it will find resistance at 5250 - 5325 and 5400. I would not advise going short at lower levels.
Considering my positive bias, I would continue to suggest buying 5300 call option for DEC series -even if it means as a contrarian buy.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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