NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In Friday's trading Nifty future maintained downward bias and made a low of 4797 and had a sharp bounce that took it to day's high of 4884 but closed lower at 4846. Weekly candle for Nifty Future is a doji suggesting indecisiveness on the part of market participants.
For the next week, we can maintain upward bias with Friday's low as a stop loss. One can consider going long on Nifty Future with 4800 as a stop loss. On higher side, it will find resistance at 4920 and if it crosses that it will quickly go to the next resistance at 4985 and there after 5010.
You may refer to 30 min Chart given above, wherein i have shown a Head & Shoulder pattern with a target of 5194, if Nifty Future moves above 4920 - neckline.
Put Call Ratio of Index Options decreased to 0.94 as against 1.08 on the previous day.
Next week will be an eventful week with FNO settlement on Thursday and presentation of Union Budget on Friday. This can lead to lot of volatility and hence trading positions must be protected with strict STOP LOSS.
With Best Wishes,
Ketan Asher.
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