NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future opened with a gap and made a high of 6248 in the first hour of trade but there after, remained weak through out the day to make a low of 6175 and closed at 6186. The EOD candle for Nifty Spot and Sensex represent a Shooting Star but not so in case of Nifty Future. The day's close does indicate weakness but considering the bullish strength shown for the past week, one needs to be cautious for short position - at least for tomorrow. I guess, we should have better clarity after tomorrow's trading.
For tomorrow, one can consider going short with stop loss of 6215. On the down side, it will find support at 6150 - 6100 and major support at 6065 (Trend Line shown on the EOD chart).
Put Call Ratio of Index Options decreased to 0.99 as against 1.16 on the previous trading day.
Please do not trade with out STOP LOSS.
With Best Wishes,
Ketan Asher.
PS:
1. How no. 8 dominated the markets today: W D Gann gave lot of importance to No. 8 in the
markets.
Today' s date : 04.10.2010 totals to 8. 88 X 71 (total 8) = 6248 Day's High
(Disclaimer: Please note that I am just a keen student of the market - nothing more than
that.) In the past too such coincidences have played important part in major tops and
bottoms. I would just treat this as "Divine Guidance". If you believe in these things, please protect your long positions with extra care.
Under no circumstances, this should be treated as a trading signal.
2. Dow Jones Industrial Average:
At the time of writing this post, Dow is trading minus 100 points and on the EOD chart it has come out of the Rising Wedge, which should be considered quite bearish.
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