NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
Critical Levels:
Level 1 - 5365, Level 2: 5225 and Level 3 : 4800
NIFTY FUTURE :
In Friday's trading, Nifty Future opened weak and made a feeble attempt to go up but could not go above 5419 and in the last one hour, broke the 5400 level to make a low of 5369 and closed the week at 5374. Needless to say that the close is weak but we can still hope that there can be a bounce from 5350 levels to touch/test the trend line on the EOD chart. As Reliance has not broken the 1000 levels, we can expect a bounce.
Till now Nifty Future has made a top on the 23rd July - Gann turn date indicated in my post. We are now approaching two important dates - one being on 3rd Aug being 144th day -3rd cycle. Last time around on the 2nd cycle (6.01.2010) it made a top and than had a good correction. Secondly, 5th Aug is also a Gann turn date. We can look for a top around one of these dates - if helped by Reliance.
For tomorrow, I would expect a Nifty Future to make a low around 5350 and than bounce as stated above. In this scenario, one can consider going long when Nifty Future moves above 5380 with stop loss of 5350. On higher side it will find resistance at 5420 - 5475 and 5515.
With this view, I would not advise going short at lower levels for tomorrow.
Put Call Ratio of Index Options remained almost unchanged at 1.03 as against 1.02 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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