NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
One more day of across the board hammering. In today's trading, after beginning the day with a high of 5542, we hit a low of 5411 in the last hour of trading and also closed near the low of the day at 5429. At today's low, we are 14.75% down from the Moohrat trading day's high of 6349 and looks as if we have come a long way from near the top in just about a month's time. We are now close to important supports viz. Neckline on the weekly chart, and level of 5383 which is 0.618 level from the low of 4786 (shown on the EOD Chart). However, in the current market mood it becomes difficult to take a call, whether we will see a bounce - though overdue in my view. In any case, we will have many hurdles now on the way up and I guess by then we would be nearer to the budget day - which may give reasons for the continuation of the down move.
On the 30 min chart, I have shown a falling wedge with breakout above 5470. However, break above 5480 may create a sharp up move, due to short covering.Those willing to take some risk can consider buying if Nifty Future comes down to 5380 levels (in the opening session) with a strict stop loss of 5350. On the way up we have hurdles at 5510 - 5555 and 5600.
Though I had suggested going short yesterday below 5500 (and rightly so), I would not advise now, at lower levels.
Put Call Ratio of Index Options decreased to 0.88 as against 0.96 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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