NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
Have started giving MTP (Myturningpoints) on Twitter during market hours. If interested please visit www.twitter.com/myturningpoints.
Nifty Future :
In Friday's trading, Nifty Future ended the week at 5261 - nearer to the week's high of 5297. This level, as shown in the EOD chart, is a hurdle due to the trend line as well as there being a gap left earlier. On the weekly chart MACD is getting ready to cut (but not yet cut) the trigger line, indicating higher levels - if it does manage to cut in the coming week.
For tomorrow, long positions should be taken only if Nifty Future manages to trade above 5300, with stop loss of 5275. On higher side, it will find resistance at 5365 and 5385. On the EOD chart, I have shown an ellipse which has been tested for 6 times out of 7 (shown with black arrows) in the past 10 months and hence i would expect that, if Nifty Future breaks 5300, it could once again test the upper end of the ellipse in the coming few days.
Short position should be taken below 5240 with stop loss of 5265. At the lower levels, it will find support at 5220. Below 5200 weakness will accelerate and Nifty Future could test 5165 and 5115.
Incidentally, tomorrow is also an important Gann turn date and hence it would be prudent to liquidate profit making long positions at higher levels, so that in the event Nifty Future does go below 5200, we can get one more opportunity to buy near the lower end of this range bound market.
Incidentally, tomorrow is also an important Gann turn date and hence it would be prudent to liquidate profit making long positions at higher levels, so that in the event Nifty Future does go below 5200, we can get one more opportunity to buy near the lower end of this range bound market.
Put Call Ratio of Index Options remained almost unchanged at 1.29 as against 1.24 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketna Asher.
No comments:
Post a Comment