NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty Future opened weak and maintained downside bias which accelerated once Nifty Future broke 5400. It closed the day (5339) weak near the low of the day (5326). As Nifty Future broke 5400 effortlessly, there was a sharp fall across the sectors.
Considering the sharp fall today, I would expect Nifty Future to take respite tomorrow at 5300 levels, particularly because there is a trend line support. However, if this level (5300) too is broken effortlessly, then we can expect a deeper correction.
Assuming that 5300 is held as, one can consider going long at lower levels with stop loss of 5270. On the higher side it will face resistance at 5420 and 5465. At least for now, this should be considered as a bounce and long position should be liquidated at higher levels indicated above.
It is advisable to avoid short position at lower levels unless 5300 is broken.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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