NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
And one more day of strong opening (gap up) and a strong up move and add to that a strong close. It is difficult to believe that we were looking for a bottom just 2 months back and now left wondering - to see Nifty Future rise, without any menaingful correction. At the current rate of the up move, we can see a new high in March itself !
In the opening session itself Nifty Future managed to cross the major hurdle at 5450 and went up to make the day's high of 5564 and closed strong at 5553. Does it matter what was the day's low? - not really in the current market mood. Considering that I would look for a correction before initiating fresh long, I am dealing with only the levels below which short position may be taken, that too with a strict stop loss. For tomorrow, one can consider going short below 5520 with stop loss of 5565. On the down side, it will find support at 5450 and weakness will accererate only if 5450 level is broken on the closing basis. Its only when Nifty Future goes below 5400, it will be out of the Andrew's Pitchfork.
Assuming that the up move coninues, it can go right up to 5725. Although I do not believe that this could happen.
Whatever may be your view, please do not trade without STOP LOSS and it will safer to trade only in options.
With Best Wishes,
Ketan Asher.
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