Today on the back of strong closing in US markets, Nifty Future did open with a gap to make a high of 5510, but the enthusiasm shown in the past two days was lacking at higher levels. During the day Nifty Future managed to fill the gap and made a low of 5477.
Sharp bounce from the low of 5356 has given some hopes for a new high and in that respect tomorrow should be considered as an important day as it will be the last day for the week. As key stocks like Infosys, Reliance and SBIhave closed near the low of the day, I feel that Nifty Future may find it difficult to make a New High.I do not think there is any possibility for a new high. If the close is any where near 5430 .
Sharp bounce from the low of 5356 has given some hopes for a new high and in that respect tomorrow should be considered as an important day as it will be the last day for the week. As key stocks like Infosys, Reliance and SBIhave closed near the low of the day, I feel that Nifty Future may find it difficult to make a New High.I do not think there is any possibility for a new high. If the close is any where near 5430 .
For tomorrow, I would not advise fresh long position. Short position may be taken below 5444 with stop loss of 5465. On down side it will find support at 5420 and 5356
All the best
