TURNING POINTS FOR 05.05.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In early trades, Nifty Future made a high of 5235 and remained weak and once again made a high of 5238. In the second half of the day it broke the much awaited level of 5200 and made a low of 5128 and closed at 5141 - near the low of the day, suggesting weak opening for tomorrow.

One can consider going short tomorrow, with stop loss of 5170. On downside it will find support at 5030 and thereafter major support at 4940. At this level Nifty Future will also find support of 200 DMA. One can consider going long at this level with stop loss of 4920.

The positive feature of today's trading is that though Nifty Future remained weak, Reliance has not broken previous day's low. Moreover, tomorrow also happens to be an important day as per Gann's seasonal time period.

Put Call Ratio of Index Options decreased to 0.94 as against 1.05 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 4.5.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :

In today's trading Nifty Future opened with a down side Gap and remained weak throughout the day and made a low of 5202 (but did not break 5200) and closed at 5218. The EOD candle does give hope that tomorrow Nifty Future can improve if it moves above 5235.

One can consider going long if Nifty Future moves above 5235 with stop loss of 5200. On higher side it will find resistance at 5255 - 5275 and 5315. Long position must be taken with a tight stop loss.

Fresh short positions should be taken below 5185 with a stop loss of 5225. On lower side it will find support at 5165 and 5120.

Put Call Ratio of Index Options remained almost same at 1.05 as against 1.06 on the previous trading day.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 3.5.2010

NIFTY FUTURE 30 MIN
NIFTY FUTURE :

In Friday's trading, Nifty Future opened firm, but could not go beyond 5290 and just managed to fill the gap - that too partly. Thereafter, Nifty Futture maintained downward bias to make a low of 5252 and closed at 5245.

In view of weak US markets, we can expect the opening to be weak. One can go short below 5200 with stop loss of 5230. On down side it will find support at 5165 - 5120. Close below 5165 will take Nifty Future to 5030 or worst still 4950. It will be better not to create fresh long positions untill market direction is clear or it settles down near 4950 level.

Put Call Ratio of Index Options was 1.06 as against 1.31 on the previous day.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.