NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading Nifty Future continued making lower top and lower bottom, indicating weakness. Moreover, Nifty future has closed near the low of the day, suggesting weak opening for tomorrow.
For tomorrow, Nifty Future will gain strength only above 5135 and hence one should not buy it unless it is at some support point at lower levels.
Nifty Future may be sold below 5040 with stop loss of 5077 or at higher levels near 5110 with stop loss of 5145. On lower side it will find support @ 5000 and 4950. At 4950 one can buy for a pull back to 5000. Break of Trend Line - near 4950 can take Nifty Future back to 4500 levels.
Considering that for 2nd day Nifty Future has continued lower top-lower bottom formation, it is advisable to be cautious on all long positions by keeping a suitable STOP LOSS.
Put Call Ratio of Index option is at 1.04 as against 1.11 on the previous trading day. While this indicates that market expects bottoming out, the same is not supported by the charts.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
No comments:
Post a Comment