NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
On Friday, Nifty Future opened firm and made a high of 5367 and pulled back to close the week at 5354. The weekly close should be considered strong and possibility of continuation of up move in the next week remains open. At this stage, I would like to draw your attention to the formation of an inverse Head & Shoulder (drawn on the EOD chart) with neck line at 5370. Incidentally, this neck line acted as a resistance for Friday's trading.
In the coming week, we need to move above this level and remain so to achieve pattern target of 5770 in the coming days/weeks. The close for the day has been just at the cusp of the Ellipse being shown on the EOD chart for the past few days.
While we will be in the midst of result announcements during this period, achieving this target will largely depend on the results announced by the leaders. In anticipation, Infosys did make a new 52 week high, but reluctance on the part of Reliance to participate in this buoyancy remains a concern.
For tomorrow, one can consider going long on Nifty Future above 5375 with Stop Loss of 5320. On higher side 5420-5440 can be an area of strong resistance which needs to be cleared.
Fresh short position should be taken only below 5300 with stop loss of 5340. At lower levels, 5225 and 5165 will offer support.
Put Call Ratio of Index Options reduced to 0.95 as against 1.05 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
No comments:
Post a Comment