NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In yesterday's trading, Nifty Future opened firm and after some sideways movement went up to the high of 4725 and closed the day at 4712. On the 30 min chart you will observe that, in the last 30 min Nifty Future managed to cross the trend line and closed above it. By the end of the day, Nifty & Bank Nifty Future were 3% & 5% up respectively.
At the time of writing this post, SGX Nifty/Asian markets are trading lower and it is likely that we too may see lower opening. It is likely that Nifty Future may come down to test the levels of 4680. Fresh long position may be considered at lower levels with stop loss of 4630. On the higher side, Nifty Future has to cross 4732 (Trend line in Blue on EOD chart) to continue and gain further momentum. Further up, it will face resistance at 4770 and 4840.
I would not advise going short at current levels, particularly when Nifty Future is gathering up side momentum.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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