NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty Future opened weak in contrast to the strength shown at the closeyesterday. However, Nifty Future traded in a narrow range of 4983 (high) and 4933 (low). It closed the day at 4958. While weakness was apparent across the board except for Reliance which was up about 4% due to the buy back story. But for this, the fall in Nifty Future would have been more. In many key stocks, the fall has been in the range of 2 to 4%.
For tomorrow, I would continue to maintain a cautious view with a negative bias considering the way the front line stocks have fallen. Fresh short position may be considered below 4930 with stop loss of 4970. On the down side, it will find support at 4920 and below 4900 level, fall can accelerate as Nifty Future comes out of Andrew's Pitchfork. However, I would like to caution that there may be a possibility of Nifty Future trying a bounce as it will fill the gap left just two days back. I would not advise long position at this level as there is possibility that the bounce may not last - just as it happened in the second session today. Further down, 4830 will provide support meaningful support.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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