NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
Friday's trading ended up as one more day of going nowhere for Nifty Future. While the positive during the last week was the double bottom at 5629, and the big negative was that Nifty Future is forming a flag pattern (shown on the EOD chart) by consolidating in a narrow range for the past 5 days. The effect of the same is that if it breaks 5629, we have a down side target 200 points below i.e. 5429. This pattern gets cancelled when Nifty Future starts moving above 5755.
For tomorrow, I would advise going long only if Nifty Future starts trading above 5760. On the higher side it will face strong resistance at 5800 and 5850. If this is cleared the next resistance will be 5920.
Short positions may be considered when Nifty Future moves below 5650 with stop loss of 5690. On the down side key level to break is 5600 as that is when Nifty Future will come out of a long channel on the weekly chart. The next support levels are 5565 - 5540 and 5510.
Put Call Ratio of Index Options increased marginally to 0.89 as against 0.82 on the previous trading day.
Get ready for an exciting and a short trading week, which may turn out more volatile than one would like it to be. More profit or more loss - it all depends whether you use the right STOP LOSS.
With Best Wishes,
Ketan Asher.
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