NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future managed to make a new high of 5398 - but not cross - the trend line, being referred in my post for the past few days. During the second half of the day, Nifty Future corrected sharply to make a low at 5343 where it took support at 25% retracement and bounced back with force to close at 5378. Interesting point to observe in the EOD chart is that, Nifty Future is moving within a very narrow area of a rising wedge as can been seen on the EOD chart. Normally, when the price bar comes out of the Wedge, the correction can be very sharp.
In view of the last hours up move, today' s EOD candle still gives hope for this move to go up to 5420-5440 range, which is a major resistance area. It is not advisable to create fresh long positions at current level. One can consider going short below 5350 with stop loss of 5380. On down side it will find support at 5335 and 5285.
Put Call Ratio of Index Option increased to 1.36 as against 1.20 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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