NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
And one more down day and a new low. After showing lot of resilience and one attempt to cross the resistance level of 4634, but in last one hour Nifty Future saw massive selling whereby Nifty Future went down to make the day's low of 4538 and closed the day at 4555 - needless to say weak.
At the time of writing this post, US & European markets are trading about 2% up and hence it may not be a great thing to write that our markets too may join them. Nonetheless, I will complete this post even if it is a mere formality. While I had been proved incorrect for the past 2 days when I was expecting the bounce and suggesting not to go short at lwoer levels - at least in hindsight I can consider, that I was just ahead of time.
For tomorrow, one can consider going long (assuming gap up opening) with stop loss of 4600. On the higher side, it will find resistance at 4680 and 4720. It will gather further momentum once it crosses 4720. I will just add that this Santaclaus rally which looks most likely to materialise from tomorrow, should be considered as dead cat bounce as worst for our markets may not be entirely over. This is just to end the year on a pleasant note.
Lets hope and prey that the rally in World markets remains intact till they close.
Last but not the least, whatever may be the temptation - don't forget to keep STOP LOSS levels in place and better still - trade in options.
With Best Wishes,
Ketan Asher.
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