NIFTY FUTURE EOD / NIFTY FUTURE 30 MIN
NIFTY FUTURE:
On the back of weak Global cues, Nifty Future opened weak and made a low of 5232, but then immediately went up and made a high of 5290 during the day, but could not cross the 5300 levels. The market remained choppy in the 2nd half of the day. Well today's close and the EOD candle still leave enough hopes for breaking the 5300 levels.
On the EOD chart, I have indicated a triangle formation taking place. Once we break it - hopefully on the up side, we should have atleast 100 points gain. One more good thing for today was that market had about 60 points range.
I would continue to maintain upward bias and suggest buy (now above) 5300 with stop loss of 5270, on higher side it will face resistance @ 5330 and 5375.
On down side one can go short below 5220 with stop loss of 5255. It will find support @ 5200 and 5175 and 5145.
Put Call ratio of Index Options remained almost unchanged @ 1.15 as against 1.18 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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