NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
And finally, we saw a correction in Nifty Future, which took everyone by surprise for its intensity. After a stable opening Nifty Future did make an attempt to inch up, but could not manage higher than previous day. In today's trading, Nifty Future made a high of 5433 and low of 5502. It closed the day at 5518. On the EOD chart you will find that Nifty Future has taken support on the trend line. The fall was sharp in case of Bank Nifty Future. May be that's why it is said "Higher you go - harder you fall".
At the outset, I must say that this fall should be considered as a correction of a steep rise. For tomorrow, we can expect a weak opening and Nifty Future can go down to 5440 and find good support. In case this level is breached, we have support at 5400. Either of this level can be used to create long position, with stop loss of 5400/5365 as the case may be.
I would not advise going short tomorrow at lower levels. Instead, long position may be created as indicated above. I would also like to highlight that Mar series is trading at premium of Rs. 40/- and this could lead to a higher opening on Friday as compared to tomorrow and thus Nifty Future looking weak tomorrow at close, may look stronger when it opens for trading on Friday. So do keep this point in mind while trading.
Expect higher volatility tomorrow and hence please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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