TURNING POINTS FOR 30.04.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE:

In today's trading Nifty Future opened firm and maintained upward bias for the day. The positive feature being that it has not broken yesterday's low and has closed near the high of the day - not to forget that it was FNO settlement day.

Tomorrow we can expect the opening to be firm and Nifty Future will go up to fill the gap left yesterday. One can consider going long with stop loss of 5225. On higher side it will find resistance at 5280 and 5325 being a major hurdle of the trend line as shown on the EOD chart. For Nifty Future to sustain upward move Reliance has to move above 1080. We can look for continuation of the rally if Nifty Future closes above 5325 and it would be prudent not to remain short above this level. In that event i expect Nifty Future to touch 5420 level being referred here for some time now.

One should consider going short only below 5200, which looks unlikely at least for tomorrow - with Greece problem likely to get resolved.

Put Call Ratio of Index Options increased to 1.31 as against 1.15 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

PS: In the EOD chart you will observe that Nifty Future can go upto the upper channel of the Pitchfork - i.e. make a new high upto 5475 in the coming days and may be than start a correction. In a range bound market selling near the higher end of the range always helps.

TURNING POINTS FOR 29.04.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In light of weak US markets yesterday, Nifty Future opened with a gap almost at the support level of 5250 referred yesterday. It remained there for better part of the day and in last hour went down further to make a low of 5198 and closed at 5217. As long as Nifty Future remains below 5225 weakness will persist.

Tomorrow, Nifty Future may open weak and find support around 5160. One can consider going long at this level with a stop loss of 5120. On lower side it will find support around 5125. On higher side it will find resistance at 5270 and 5300.

As i expect 5125 to offer good support - at least for a bounce, i would not recommend going short at lower levels. In case of close below 5125 we have next support levels at 5040 and 4950.

Put Call Ratio of Index Options increased to 1.15 as against 1.11 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 28.04.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE:

In today's trading Nifty Future remained weak and moved within a narrow range of 5299 and 5334. It closed at 5309 - near the low of the day and has also started making lower top and lower bottom. However the positive feature was that it has remained above the trend line in the 30 min chart and also above 5280 level referred for the past few days.

For tomorrow, one should go short only below 5280 with stop loss of 5325. On lower side it will find support at 5250 and 5220.

One can consider going long above 5325 with stop loss of 5280. On higher side it will find resistance at 5350 - 5420 and 5465.

Put Call Ratio of Index Options increased to 1.11 as against 0.99 yesterday.

In view of the FNO settlement due on Thursday, the volatility may increase - hence please do not forget to use STOP LOSS.

With Best Wishes,

Ketan Asher.