NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
First day of the new settlement opened firm but amidst lot of volatility did not have the conviction to break previous day's high and finally broke down in the second session to close the day at 4711. The fact that it closed below the previous quarters' low (4718) is a cause of worry. The day's top at 4879 met with the resistance at the trend line (in Blue) shown on the EOD chart. The comforting fact is that on the 30 min chart, it has come out of the falling channel and as of Friday it has made higher top/ higher bottom on the 30 min chart.
In view of the above, for tomorrow - I would consider bias to be
a) positive above 4720 with stop loss of 4680. On the higher side, it will find resistance at 4780 and major resistance at 4850.
b) Negative below 4680 with stop loss of 4730. On the down side, it will find support at 4630 & 4600. However, below 4680 it can go down much deeper to 4400 over the coming days.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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