NIFTY FUTURE 30 MIN
NOTE: TP GRID FOR MCX/NCDEX WILL BE UPLOADED AFTER 10.30 TOMORROW.
POSTED ON 4.12.2009 8.00 AM
NIFTY FUTURE:
In last trading session, Nifty Future opened firm and made a new high at 5192. It is pertinent to note, that although Nifty Future did make a new 52 week high, Nifty Spot @ 5181 has remained just one point short of the previous high of 5181.95. Thus, as of now Nifty has done a double top and retraced. The candlestick for the day is also a shooting star indicating bearishness if Nifty breaks yesterday's low.
In today's trading one can sell Nifty Future below 5090 with stop loss of 5120. On lower side it will find support @ 5075 - 5040 - 5000 and 4950.
Buying Nifty should be considered only after Nifty future finds support around 4950 levels with stop loss of 4900 and that too for a pullback. Below 4980, due to the break of Trend Line shown in the Nifty Future 30 min chart, weakness will accelerate.
Put Call Ratio of Index Options was at 1.18 as against 1.29 yesterday.
Please do not trade without Stop Loss.
With Best Wishes,
Ketan Asher.
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