in today's trading, Nifty Future opened weak and continued to drift lower in the 1st half of the trading session to make a low of 5356. In the 2nd half, Nifty Future did make a sharp up move and a new high of 5414 and closed at 5404 - near the high of the day. The pattern of making lower top/ lower bottom continued for the day. For the 1st time, Nifty Future has closed outside the channel on EOD chart.
Tomorrow I would continue to suggest - avoid long positions and go short at higher levels. For tomorrow, Nifty Future may go up to channel low of 5450. Any rise up to this level may offer good opportunity to go short with strict stop loss of 5485....Positional traders Stop loss 5555.
All the best
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