NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
As expected Nifty Future had a sharp bounce on Friday after making a low of 5727, but closed at 5778, may be due to weekend considerations. As can be seen on the EOD chart, Nifty Future took support at 0.618 level as well as Andrew Pitchfork line and also completed the H & S target shown on 30 min chart during the past week.
Though Nifty Future looks weak on Weekly chart, a bounce can be expected more so with month end just 2 days away. Tomorrow, one can consider going long with a stop loss of 5700 to start with and it can be taken up to 5725 after an hour of trading. As you will observe on the EOD chart, once the trend line is broken when Nifty Future trades above 5760, it will gather momentum which can take it up to a strong resistance area of 6000 at least by Tuesday. It is therefore advisable not to remain short above 5760. On the way up it will face resistance at 5815 - 5865 - 5900 & 5940.
Put Call Ratio of Index Options marginally increased to 1.11 as against 1.05 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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