NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
Contrary to expectations, Nifty Future opened weak with open = Low = 5900 and than gained strength to make a high of the day at 6000 but in the last one hour gave up part of the gains to close the day at 5959 - marginally lower than the previous trading day. What is significant is that Nifty Future corrected sharply from 6000 level and this does not augur well for the coming days.
For tomorrow, one can consider going short below 5920 level with stop loss of 5950. On the down side, it will find support at 5890 - 5850. Tomorrow is an important Gann date and hence should be an eventful day for the market. Given today's rejection of Nifty Future at 6000 levels, one needs to be careful on long positions - particularly below 5850 or better still below 5890 .
Moreover, I would like to mention that if Bank Nifty breaks the recent low of 11042, it could seek the next support at 10730 or 10530 levels. This could be possible if SBI breaks recent low of 2675.
In light of the above, I would not advise long positions - at least for tomorrow.
Put Call Ratio of Index Options remained almost unchanged at 0.94 as against 0.93 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
"Tomorrow is an important Gann date" -> is it the same Con-Gann who left some secret key in his brief case?? give me a break Keta ...& basically this Gann theory is the big b...s..t that i have ever seen in the markets ... & when a smal...l/medium/big circle or small/medium/big square is drawn it is bound to hit at certain levels and Gann ghost is alive ... , actually there is one full page in my upcoming book about this con-gann game , now i might think to write 2 pages ( at the risk of cutting of few trees to print the book ...) & hail the con-gann ( biggest snake oil selling opportunity in the trading industry ) ...
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