NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
Pleased to inform you that my article titled "IMPORTANCE of 50% LEVEL......" is published in the current issue of The Educated Analyst - an e-magazine published from Australia. Please visit http://www.educatedanalyst.com/the-educated-analyst/gann-studies
NIFTY FUTURE :
On the back of strong close in US markets, Nifty Future managed to opened with a gap to make the day's high of 6193, but could not sustain the rise and thereafter maintained downward bias to make the day's low of 6137 and closed the day @ 6160 - near the mid point for the day. The highlight for today's trade was strength shown by Reliance and almost 20 points premium in Nifty Future - indicating that the bulls are still in control. Moreover, Nifty Future has made higher top/higher bottom, but remained outside the trend line on the EOD chart.
The way Nifty Future has closed today - it has left the window open to move either side tomorrow - obviously waiting for the cues from the US markets.
In view of the above, I would continue to retain my view that 6225 remains a strong hurdle, as shown on the 30 min chart. Once 6225 is taken out, people having short position should be cautious as short cutting itself may help take Nifty Future to a new high (although I will be worried, what would happen to "Divine Guidance", I have been referring for the past one week).
As advised yesterday, short positions should be taken near 6200 levels with 6225 or 6250 as a strict stop loss. Alternatively, one can go short below 6090 with Stop Loss of 6125. On the down side it will find support at 6070 - 6050 and 6000.
Put Call Ratio of Index Options increased to 1.21 as against 0.94 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
PS: In case you have seen the chart of Dow, Rising Wedge pattern under formation remains intact, as long as Dow remains below 11060.
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