NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
FOR BETTER UNDERSTANDING OF THE MARKET PLEASE SPEND SOME TIME STUDYING THE ATTACHED CHARTS, I AM SURE IT WILL BE WORTH YOUR FEW MINUTES.
NIFTY FUTURE:In today's trade Nifty Future opened flat and made a new low but did not go below 5000 and then went up to 5072 and closed @ 5041. Infosys continued to support Nifty or in other words has not yet let Nifty down! Nifty Future continues to make lower top and lower bottom. Even the EOD candle does not enthuse any confidence that the down move is over. Another significant feature for today's trading was that Nifty Future has taken support on the trend line on the EOD chart, which when broken (tomorrow?) will initiate a major down fall. This is also suggested by MACD - if it starts trading below 0 (zero) line, which can happen with one more negative day.
For tomorrow, it will be better to go short below 5000 with stop loss of 5045 or if Nifty Future trades near 5100 levels one can go short with stop loss of 5150. On down side it will find support at 4950 - 4900 and 4850.
I continue to maintain that it is better to avoid long position until Nifty Future is at significant lower levels. I have always believed that market gives chance to escape unhurt if one studies the chart and acts accordingly. I think that phase will be over once Nifty start trading below 5000 levels.
Tomorrow can be a big range day so please do not trade without STOP LOSS.
Put Call Ratio of Index Option has increased today to 1.14 as against 1.05 yesterday. At least now the charts and the PCR look to be in confirmity with each other.
With Best Wishes,
Ketan Asher.
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