NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
On weekly basis, last weeks' candle indicates Doji - suggesting indecisiveness. Another point that needs to be noted is that Nifty future is forming higher top and higher bottom for the past eight weeks.
On weekly basis, last weeks' candle indicates Doji - suggesting indecisiveness. Another point that needs to be noted is that Nifty future is forming higher top and higher bottom for the past eight weeks.
Going by the above, we have to continue with upward bias, though last week, Nifty Future did not show strength when it broke the previous high. One can consider going long with stop loss of 5275. On higher side, it will find resistance at 5345 - 5370 and major resistance at 5420. Considering the steady up move for the past eight weeks one needs to be cautious at higher levels particularly around 5420-5440.
It is not advisable to go short unless Nifty Future trades below 5260 with stop loss of 5300.
Put Call Ratio of Index Options increased t0 1.19 on the close of Friday's trading.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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