NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
The first day of the week and the quarter started with a bang - Nifty Future up 2% and closed at 6176, that is near the high of the week suggesting firm opening tomorrow.
If you have seen the quarterly chart posted on this blog, you will find that, we are near the median line of the Andrew's Pitchfork shown on the Quarterly chart which can be a strong resistance area.
On higher side 6200 could act as a resistance hence long position should be trailed with tight stop loss. In case market shows weakness, one can go short with stop loss of 6215. Alternatively, one can go short below 6130 with stop loss of 6175. On the down side, it will find support at 6100 - 6075 and 6025.
Put Call Ratio of Index Options increased to 1.16 as against 0.95 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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