NIFTY FUTURE 30 Min / NIFTY FUTURE EOD
NIFTY FUTURE:
One more day with narrow range and a new High. It happens to be the 5th consecutive day with same characteristics. But the fact that market is making a New Top every day and Mid Caps are doing fine, nobody is complaining except the day traders. Interestingly, Nifty Future Range which used to be at least about 100 points, has now shrunk to 30-40 points.
For tomorrow, going by the past few days we must see a new high. As stated in my earlier posts, 5330 and 5370 should be major hurdles for Nifty Future. This can also be seen with 1.618 levels shown in both the charts attached herewith.
As stated yesterday, i do not recommend buy trades for Nifty Future unless we test some lower levels. Similarly, Sell trades should be avoided until Nifty Future breaks the trend line, which based on today's price levels is below 5260. As such the trading range is too narrow to offer any meaningful trades, hence it is better not to be impatient to get in to a trade. As the proverb goes - Patience is a virtue; is apt for the current market scenario. In any Case i do not expect this situation to continue for long as any major player/event can change the situation.
Those enjoying the ride in Mid caps should be vigilant, as cats & dogs have started moving up and people have started getting unsolicited SMS/Email messages to buy penny stocks with enticing price targets. So Buyer Beware.
Put Call Ratio of Index Options is marginally lower at 1.12 as against 1.27 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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