NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In Friday's trading Nifty Future opened weak and during the early trades made a high of 5202 and weakness accelerated in the second half of the day when it broke the trend line at 5160 and went down to make a low of 5058 and closed at 5083. As the close - that too weekly close is near the low of the week, it is likely that opening on Monday will be weak.
On the EOD chart i have drawn an ellipse within which Nifty has been moving from last week of Aug '2009. It is likely that Nifty Future may take near 5000 levels as it would have filled the gap left on 10th May and then show a bounce.
On the EOD chart i have drawn an ellipse within which Nifty has been moving from last week of Aug '2009. It is likely that Nifty Future may take near 5000 levels as it would have filled the gap left on 10th May and then show a bounce.
We are now trading near the lower band of the trading range and hence it will be advisable to consider buying for delivery good quality stocks. For tomorrow, one can consider going long if Nifty takes support around 5000 levels and does not break the previous low of 4976 in the first hour of trade. Long position should be protected with stop loss of 4970. In the event that previous low is broken, then we have good support near 4900. Fall below 4850 should be worriesome as it would break the Pitchfork being shown on the EOD chart for sometime now.
On higher side, Nifty Future will find resistance at 5110 - 5140 and 5165.
Put Call Ratio of Index Options increased to 1.17 as against 1.01 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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