NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In view of weak Asian markets, Nifty Future too opened weak and after some narrow movement went down to make the day's low of 4640 - thus giving good opportunity to go long at lower levels. In the second session, after the European markets opened strong Nifty Future too managed to gather momentum and made the day's high of 4758 and closed at 4749.
It is needless to say the close today has been strong and we can expect to open strong tomorrow. However, I must caution that we have many hurdles to cross - one close by at 4767 (see 30 min chart) and the next ones at 4800 & 4850,
For tomorrow, I see the possibility of Nifty Future going up to 4767 and retrace from this level. While I do not suggest to go short at 4767, I would prefer buying at lower levels as done today. In case Nifty Future retraces some gains, it will find support at 4725, 4685 and 4650. Of the above levels, 4685 takes greater importance as round this level we have trend line support too.
Tomorrow being last trading day of the week, close above 4770 should be considered as positive for the next week - which can take Nifty Future to the major resistance level at 5050.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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