NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
After a firm opening, Nifty Future went on to make the day's high of 5135 . On the attached EOD chart you will observe that 5125-5140 is a strong resistance area. The up move was led by Bank stocks as well as Infosys. However, in the last one hour, it could not sustain at higher levels and fell down to the day's low of 5055 and closed the day at 5086 - near the low of the day suggesting weakness. The day's candle is a shooting star - a potential trend reversal indication.
For tomorrow, I would suggest going short below 5050 with stop loss of 5080. On the down side, it will find support at 5000 and 4920.
I would not advise going long for now, as Nifty Future can show a sharp correction to fill the gap at 4862.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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