NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
Nifty Future ended the week on strong note though after making a high of 5711 with the help of a freak trade. If that trade is given credence, then we have ended the day with a shooting star candle for the EOD. However, as not much trading was done at that level we can safely ignore the pattern. Incidentally, you will observe on the chart, that even the high of a freak traded has taken cognisance of the Pitchfork's upper line - so much for the genius of Andrew Pitchfork's understanding of the market and the ideas initiated by him.
Although I have been advising caution at the hire levels, Nifty Future has been rising consistently after making a low of 5356 just 8 trading days back. On the high side, 5650 - 5675 and 5711 will be resistance levels. Existing long positions should be trailed with stop loss of 5600 as this is also a trend line support level as shown on the EOD chart. Please refer the chart for various markings done on it.
One can consider going short below 5600 with stop loss of 5630. On the lower side it will find support at 5565 and 5540. In any case do not try to preempt the fall. Let market show weakness and then consider going short.
Put Call Ratio of Index Options increased to 1.28 as against 1.16 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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