NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
NIFTY FUTURE:
After a weak opening and touching the day's high of 4775, Nifty Future broke down below quarterly low of 4716, it went down sharply to the day's low of 4632 and bounced back to close the day at 4704. It was one more day of lower top / lower bottom with only silver lining in the form of a long lower shadow. The fact that we have broken quarterly low confirms that over the next few days/weeks, we can go further down - even after a small bounce.
In today's trading, Nifty Future did bounce back - though with not much conviction. Considering the persisting weakness in Europe/US markets at the time of writing this post, we may see one more down move tomorrow, to test today's low. I would suggest buying at lower levels with stop loss of 4600. On the higher side, it will face resistance at 4720 - 4770. Strength will return only above 4770.
Short positions may be avoided at lower levels.
With FNO settlement scheduled for tomorrow and the weak sentiment may leas to high volatility, hence please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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