Finally, Nifty Future saw a sharp down move on the last 2 days of the week - the move was so sharp, that it wiped out the previous 8 days action. You will observe on the EOD chart, that Nifty Future has closed below the trend line, making it distinctly weak. The close too is near the low of the day, indicating weak opening on Monday. The intriguing part is that despite the sharp down move, Nifty Future continues to trade at a premium of over 25 points. I guess the premium will tend to reduce, once it starts trading below 6065.
On Monday, short positions should be taken when Nifty Future moves below 6065 with stop loss of 6100. Alternatively, in case of a pull back to 6140, one can consider going short with stop loss of 6175. On the down side, it will find support at 6050 and 6000.
Fresh long positions should be considered only when Nifty Future takes support around 5950-5930 levels.
All the best
All the best
