NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
On the back of strong up move in US markets, Nifty Future too opened with Gap up. In the early trades it went to make the day's high of 5015 but in absence of follow up buying could not sustain at higher levels and went down to make the day's low of 4936. It finally closed the day at 4964. The day's candle ended up almost as a doji. In today's up move, we jumped one resistance level of 4930 and a gap (4862) remains to be filled in the day's to come.
For tomorrow, I would continue to advise caution at higher levels - at least till the gap is filled at 4862 and hence I feel it is best to avoid fresh long positions, at higher levels.
Short position may be considered below 4975 with stop loss of 5020. On the down side, it will find support at 4920 - 4875 and major support at 4825. Weakness will accelerate when Nifty Future trades below 4825.
On the higher side, it will find resistance at 5040 and 5100 and good levels to go short.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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