NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In the opening session, Nifty Future opened steady and remained above5445 level after making a low of the day at 5437. There after Nifty maintained higher top for the remainder for the day. As such, in the last hour it made a new high at 5489 - once again just 6 points above the previous high. To me this looks more like half hearted effort to make a new high, mainly supported by short covering. Important point to note today is that Nifty Future has closed near the high of the day at 5482, unlike previous highs where Nifty closed lower by the end of day. Needless to say that this suggests strength.
I would request the readers to see the EOD chart wherein I have drawn a Rising Wedge under formation. This formation will fail if Nifty Future moves above 5535 - upper line of the wedge. Secondly, I have also highlighted a trend line which appears to me very close to 45 Deg. and break of this trend line could start the down move.
For tomorrow, existing long positions may be trailed with stop loss of 5460 and though I do not suggest fresh long positions, if one has to take it, the same may be protected with stop loss of 5460. On higher side, it will face resistance at 5515 and 5545.
Short positions may be taken below 5440 with stop loss of 5475.
Put Call Ratio of Index Options increased to 1.16 as against 1.04 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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