TURNING POINTS FOR 07.04.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE:

In today's trading Nifty Future opened firm and made a new high @ 5387, but could not cross the trend line as can be seen on the EOD chart. By the end of the day, Nifty Future closed at 5367.

Considering today's candle, we can still expect Nifty Future to cross the trend line at 5397 tomorrow and face strong resistance at 5420-5440 levels. At these levels I would not recommend new long positions. Existing long positions should be trailed with stop loss of 5350.

One can consider going short if Nifty Future trades below 5330 with stop loss of 5365. It will find support @ 5285 and 5245.

Put Call Ratio of Index Options remained at 1.20 as against 1.22 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 06.04.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE:

Nifty Future opened today with a gap, but could not muster enough strength to breach the previous high till late in the day, as in last hour of trade it crossed the previous high to make new high at 5373 and also closed @ 5366 - near the high of the day. You will observe in the EOD chart that Nifty Future though up still remains below the trend line being shown for the past few days. Even if this trend line is crossed tomorrow at 5385, we are heading for a major resistance are of 5420 - 5440 shown in the chart as the upper line of the Andrew's Pitchfork. Needless to repeat that we are into 9th consecutive week of rise.

Considering today's close we can expect good opening tomorrow, but buying at higher levels will not be out of danger. It will be better to book some profits at higher levels, even in individual scrips. Existing long positions in Nifty Future should be trailed with stop loss of 5320.

Put Call Ratio of Index Options increased to 1.22 as against 1.19 on the previous day.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 05.04.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :
On weekly basis, last weeks' candle indicates Doji - suggesting indecisiveness. Another point that needs to be noted is that Nifty future is forming higher top and higher bottom for the past eight weeks.

Going by the above, we have to continue with upward bias, though last week, Nifty Future did not show strength when it broke the previous high. One can consider going long with stop loss of 5275. On higher side, it will find resistance at 5345 - 5370 and major resistance at 5420. Considering the steady up move for the past eight weeks one needs to be cautious at higher levels particularly around 5420-5440.

It is not advisable to go short unless Nifty Future trades below 5260 with stop loss of 5300.

Put Call Ratio of Index Options increased t0 1.19 on the close of Friday's trading.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.