NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS:
LEVEL 1: 5400, LEVEL 2: 5225 & LEVEL 3: 5100
NIFTY FUTURE:
In today's trading, Nifty Future opened weak and continued to drift lower in the 1st half of the trading session to make a low of 5356. In the 2nd half, Nifty Future did make a sharp up move and a new high of 5414 and closed at 5404 - near the high of the day. The pattern of making lower top/ lower bottom continued for the day. For the 1st time, Nifty Future has closed outside the channel on EOD chart.
As expected, on the monthly chart, Nifty Future has made a Shooting Star - indicating bearishness below today's low of 5356. However, the EOD candle has a long lower shadow indicating that today's support may hold for a day or so.
I would continue to suggest - avoid long positions and go short at higher levels. For tomorrow, Nifty Future may go up to channel low of 5450. Any rise up to this level may offer good opportunity to go short with strict stop loss of 5485.
Shooting Star candle on the Monthly chart, Engulfing bearish candle on the weekly chart and closing outside the lower level of the channel on the EOD chart does not augur well for the coming days/weeks.
Put Call Ratio of Index Options marginally decreased to 1.15 as against 1.19 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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