NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In contrast to the expectations, Nifty Future did not show any strength in the opening session, despite strong close in US markets. Nifty Future maintained downward bias (low of 6147) till about mid session and then thanks to Infosys and Reliance, saw a sharp up move which took Nifty Future to the day's high of 6209.90 and thereafter again saw a downward movement to wipe out all the gains and closed at 6160. On the 30 min chart you will see that we have closed outside Andrew's Pitchfork - which indicates weakness. Moreover, we have a gap to be filled at 6105 and also a trend line on the EOD chart having break out level for tomorrow at about 6100 and strong support further down at 6050. Reliance has closed well and can take lead in supporting the Nifty Future from falling below 6100.
Tomorrow, if 6120 is broken, it can go down to 6100 and then to 6050. It would be safe to buy Nifty Future at this level with a stop loss of 6030 - for a bounce.
Nifty Future will now gain strength only above 6210 (with further hurdle at 6240) hence it would be best to avoid long positions at higher levels.
Break of 11500 for Bank Nifty will accelerate bearishness. In case of stability returning, this can even be considered as stop loss for fresh long positions.
Put Call Ratio of Index Options increased to 1.11 as against 0.96 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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