NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
As expected, Nifty Future saw a sharp up move - albeit after making a new low of 5748 but could not cross the previous day's high and hence it does not give decisive turn around signal. On the positive side it has not broken the previous low of 5727 and hence this up move may gather steam to go up to 6000 subject to clearing resistances on the way up. Support from US markets being already there and good IIP numbers may induce more people to do "bottom fishing". Whether the market has made double bottom or is in the process of making a right shoulder on the EOD chart and then fall up to 5350 will get confirmed once we test 6000 on the upside and see if Nifty Future is able to get back in to the yellow shaded area on the EOD chart attached. Oscillators remain in the sell mode on the weekly chart and hence I do not believe it will have strength to cross 6000 level and hence this up move (if it manages to cross 5925) should terminate at that level.
For tomorrow, one can consider going long with 5850 as a stop loss. On higher side it will face hurdle at 5925 and major hurdle at 6000 levels.
Fresh short position should be considered only below 5850 with stop loss of 5890. On the down side, it will find support at previous low of 5725 and thereafter at 5675.
Similarly up move in Bank Nifty should be considered as a pull back which can at best take it up to 12000 with hurdles on the way up as given in TP grid.
Put Call Ratio on index options decreased to 0.92 as against 0.96 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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