NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
As expected, Nifty Future opened weak and remained weak throughout the day. During the day, Nifty Future made the day's high of 5074 and low of 4938 - just 2 point short of new low for this month.It closed the day at 4957 - once again a weak close, near the low of the day. On the attached 30 min chart, you will observe that Nifty Future has taken support on the trend line and today's fall brings us near multiple support area at 4900-4920.
For tomorrow, we can expect a weak opening but would not advise going short at lower levels. Instead, one can consider going short when Nifty Future bounces back up to 5020-5040. Do remember that its a Friday - last day for the weekly candle and hence a short bounce can be expected.
Long positions should be avoided unless you wish to trade for a possible bounce after Nifty Future takes support around 4860 (the gap area).
I would once again remind you to refer to the TP Grid as it will help you to get the levels once a new high/low is formed during the day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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