NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS:
LEVEL 1 : 5365, LEVEL 2: 5225, LEVEL 3: 4800
NIFTY FUTURE :
Today was one more day when Nifty Future moved in a narrow range of 34 points - High of 5444 & Low of 5410. It ended the day as doji indicating indecisiveness. On the 30 min chart, I have drawn Andrew's Pitchfork from two different points as they are providing support and on many occasions. Another important point I would like to highlight here is that today Reliance has taken support at its 200 DMA which should be considered as a good level of support, and as suggested many times in the past few days, this is one stock which has been under performing Nifty and may spring a surprise any time, which could help Nifty Future to move up.
For tomorrow, while I would not advise long positions, considering the Resistance Nifty Future has been facing at higher levels.
Fresh short position may be taken only below 5400 as suggested for today. However, considering the above possibility stop loss for short position should be kept at 5460.
On down side, Nifty Future will find support at 5365, and 5315.
Put Call Ratio of Index Options almost remain unchanged at 1.36 as against 1.35 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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