NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In Friday's trading Nifty Future made a new high at 5282 and also closed (5275) near the high of the day. It would be interesting to see the EOD chart where, though Nifty Future has made a new high, it continues to face the resistance of the trend line which i am showing for the past few days. With RBI announcement over the week end will have its effect in the opening session tomorrow. Interestingly, this coincides with W D Gann's turn date of 21 March.
For the past two days, i have been suggesting caution and this may appear valid now. We will start tomorrow with a reaction to the RBI announcement over the week end. This is not to suggest bearishness, but with only 8 trading session left for the current financial year, i will not be surprised if breaking 5300 level happens in April ' 10 - once full year results start coming in.
For tomorrow the market should be considered bearish only below 5195 - where it will find trend line (in Brown colour) support as shown on the EOD chart. If this trend line is broken, Nifty Future can come down to 5050 - 5000 over the next week.
One can consider going short with stop loss of 5300. On down side it will find support at 5195 - 5165 and 5125. Please avoid going short if there is a gap down opening.
Fresh buying in Nifty Future should be considered around 5000 levels.
Put Call Ratio of Index Options decreased to 1.09 as against 1.21 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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