NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS:
LEVEL 1: 5400, LEVEL 2: 5225 & LEVEL 3: 5100
NIFTY FUTURE :
On the back of positive close in the World markets, Nifty Future opened firm but could not sustain at higher levels. In the early trades, it made a high of 5465 and in the 2nd half of the day it broke the previous day's low to make a lower low at 5391. In a surpires move it showed sharp recovery in the last 30 min and closed higher at 5426. While the lower shadow in the EOD candle may give some hope for bullishness tomorrow, the oscillators do not confirm the same. This type of support can be expected till Nifty Future goes below 5350. All said, we have continued the process of forming lower top/lower bottom on the EOD chart for Nifty Future as well as in Nifty Spot where Nifty broke the previous low by only about 2 points before it bounced back.
It is pertinent to note the current fall is without any negative news for the market and hence optimism creeps in at lower levels. Secondly, on the weekly chart 5398 is the immediately preceding weekly top - break of which will indicate a major bearish signal. Tomorrow is the last day of the month, and this will provide monthly candle and help us to get better guidance from the monthly chart. Close near to 5400 will indicate bearish candle - Shooting Star, for the month.
For tomorrow, I would continue to suggest - avoid long positions. On higher side, Nifty Future will find resistance at 5455 and 5485 and this area may provide good opportunity to go short with strict stop loss of 5500.
Put Call Ratio of Index Options decreased to 1.19 as against 1.31 on the previous day,
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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