NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading Nifty Future opened a bit weak and remained so till mid day but did not break even the previous day - a first sign of weakness. In the last one hour it inched up to close the day at 5538. Today's narrow range trading can at best be termed as a pause after a big move yesterday. During the day, Nifty Future made a high of 5547 and low of 5501.
For tomorrow, on the higher side it will find strong resistance at 5585 (trend line in red on EOD chart). Short position can either be considered with 5585 as stop loss. Alternatively, short position may be considered below 5500 with stop loss of 5530. On the downside, it will find support at 5450 and 5400.
Once again, tomorrow is the last trading day of the 7th week of sustained rise - with Monday being a trading holiday, it would be interesting to see what indications market will leave for the following week of FNO settlement.
Please do not trade without STOP LOSS as market could get volatile ahead of FNO settlement and one trading day less ahead of it.
With Best Wishes,
Ketan Asher.
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