NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
At the end of Friday's trading, on the weekly chart - we have made lower top and lower bottom - a bearish signal. However, the positive part of Friday's trading was that Nifty Future did not break below previous two day's low of 5225 and also the trend line shown on the EOD chart. This leaves some hope that we may soon continue the upward march. As such i see the formation of Right shoulder happening at the moment - of an Inverted Head & Shoulder. Once the pattern gets formed, I will include the same in the EOD chart.
For tomorrow, one should consider long position above 5275 with stop loss of 5250. On higher side, it will find resistance at 5325 - 5375 and 5420. It is advisable not to remain short, once Nifty Future trades above 5325.
As mentioned earlier, 5225 is being held for the last 3 days, hence break below this level could trigger majority of stop losses for long position. In view of the same it is advisable not to go short at that level. Instead, one can consider going long at the next major support of 5165, with stop loss of 5145.
Put Call Ratio of Index Options reduced to 1.01 as against 1.06 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
No comments:
Post a Comment