NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFYT FUTURE:
On the back of positive close in World markets, Nifty Future too opened with a gap. It traded in a narrow range(36 points) for the day and managed to do high of 5027 and low of 4991. It closed at 5022 - near the high of the day. I must admit that the up move persists - for one reason or the other, despite my giving bearish guidance for the past few days.
On the EOD chart you will find that today's high is just on the trend line and more importantly, on the weekly chart, we are near the strong resistance level of 5050, given in the weekly post. As I do not expect Nifty Future to cross 5050 level in the first attempt, I would advise caution at higher levels. Please avoid fresh long position at higher levels.
Short position may be considered below 4985 with stop loss of 5010. On the lower side, it will find support at 4920. Fall below 4920 may be sharp, as it would be out of Andrew's Pitchfork. Further down 4835 and 4780 will provide support.
As regards the option chain data, increase in open interest on the put side continues and outweighs the call side by a good margin.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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