NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In Friday's trading, Nifty Future took support (low of 4692) on the Andrew's Pitchfork line and 50% level of the trading range as shown on the 30 min chart. In the second session, it saw a sharp up move to make the day's high of 4821 but came down sharply to close the day at 4772.
Though in a short trading session today (Saturday) Nifty Future did close on the lower side. I would not give much credence to the same as it was with low volumes and lower participation.
For Monday, I would advise long position with stop loss of 4720 or better still - 4685. On the higher side, it will find resistance at 4835 - 4880 and 4920.
With Infosys results scheduled to be announced on 12th, I do not expect Nifty Future to go below 4685 and hence do not advise short position for now. Unless the level of 4685 is broken, I expect Nifty Future to remain buoyant - at least till Infosys results are announced.
Please do nor trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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