NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In the opening session, Nifty Future traded firm and made a new high @ 6048 - may be just marginally higher but enough to mark the importance of Gann turn date and it can also be categorised as a double top. Immediately after firm opening, Nifty Future retraced to make a low of 5953. In doing so, after many days it managed to break previous day low, and forming an 'outside bar' - indicating that fresh long position should be created above 6048 and fresh short position should be created below 5953.
Another interesting coincidence about today's top 6048 and the previous top 6336 is :
144 X 42 = 6048 and 144 X 44 = 6336 (144 is Square of 12 an important number for Gann and in many other ways.) This is just to highlight how important Gann Nos end up showing their significance and should not be treated as trading signal.
As Nifty Future recovered from the day's low in the second half and closed at 6002, we should not rush to call today's high as market top as small correction after one way rise over the past few days is logical.
For tomorrow, one can consider going short below 5975 with stop loss of 6000. On the down side, it will find support at 5940 - 5900 and 5850.
Put Call Ratio of Index Options remained almost unchanged at 1.05 as against 1.02 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
No comments:
Post a Comment