Nifty May Futures - Need Help & Guidance

Hi,

I have taken a Nifty May Futures SHORT averaged @ 3383 (5 lots of Mini Nifty). Now i see news spreading that Market might go till 3500 and 3550 levels.

Kindly advice if i should hold on to this one or come out of this by averaging little more and exiting even if the loss is going to be higher.

Also, i would like to know if there are any softwares/tracking mechanism to provide technical guidance on Nifty direction (upwards or downwards).

Your help would be highly appreciated as i am in dire situation with all my money locked up in this.

Awaiting your response,
Ananth

you better calculate the resistance level and the support level which you can find at http://www.mypivots.com/calculators/pivot-point-calculator.aspx. you better square it at the suport level one. i have also written a small program in matlab which u can try if you have matlab.I am expecting the market will be in red/fall on tuesday, wednesday and thursday and it will be in green/rise on friday.
try this programe in matlab.



clear all; close all; clc;
high= 3447;
low=3313;
closee=3426;
piv_point=(high+low+closee)/3
res_1=(piv_point*2)-low
res_2=(piv_point)+(high-low)
res_3=high+(2*(piv_point-low))

support_1=((2*piv_point)-high)
support_2=(piv_point-(high-low))
support_3=low-(2*(high-piv_point))