NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
After a gap down opening, Nifty Future made a new low at 4671 (as against support level of 4680) and saw a sharp up move thereafter, to make the day's high of 4784 and closed the day at 4757. The day's candle leaves a long lower shadow and should be considered positive. On the attached 30 min chart you will observe that Andrew's Pitchfork (in Blue) median line has provided support.
Today is a big day, when RBI credit policy will be announced. This could lead to some volatility till the policy is announced (guess it is at 11 a.m.). As mentioned yesterday, I would advise bias to be positive above 4716. I continue to believe that short positions are best avoided at lower levels. In case of some nervousness, Nifty Future may go down to 4650 (same median line on Andrew's Pitchfork on 30 min chart) and it will be better not to panic as it will also help to make a double bottom.
Long positions may be taken at lower levels nearer 4700 with stop loss of 4650. On the higher side, it will find resistance at 4785. It is not advisable to remain short if 4810 is taken out. Being a Friday, one can consider market to be positive for the next week if the close is anywhere above 4810.
In view of above average Volatility expected today, it will be advisable to trade in options and in any case, please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
No comments:
Post a Comment