NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
One more volatile day of trading, where Nifty Future crossed the previous high as if to just break my stop loss level of 5420 and made the day's high of 5425. In the second session, Nifty Future corrected sharply to make the day's low of 5343 but once again saw an up move to close the day at 5389.
It is important to note that while Nifty Future did make a new high yesterday, but spot Nifty did not. Secondly, on the EOD chart I have marked Andrew's Pitchfork and for the past three days, the top is made just on the median line.
With Asian markets trading weak today, there is good possibility that we may see the much awaited correction today. For this to confirm, Nifty Future must break the previous day's low. For today, I would push the upper stop loss level for short position to 5450. On the down side, one can consider going short below 5375, with stop loss of 5425. On the down side, it will find support at 5290. At the break of 5290, Nifty Future will be out of the Andrew's Pitchfork on the 30 min chart, after many days and take Nifty Future down to 5270.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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