NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
After a hesitant start and a marginal new low at 5175, Nifty Future made a strong up move to make the day's high of 5330 and closed strong at 5317. Its the first time in the week, when Nifty Future is able to cross the previous day's high. While the rally has been much awaited and will provide a big relief, the real test is it sustainability beyond 5370 (shown on the 30 min chart).
For tomorrow, one can consider going long above 5310 with stop loss of 5265. Buying in the event of a gap up opening should be avoided. On the higher side, it will find resistance at 5370 - 5420 - 5485.
Fresh short position should be taken only at higher resistance levels of 5650.
Please be selective about the items you consider for trading this up move. I would suggest sticking to Nifty Fifty and that too when it crosses the monthly mid point as per the TP Grid format which you will need to work out for the scrips that interest you. Please do not forget to keep the stop loss.
Put Call Ratio of Index Options decreased to 0.78 as against 0.84 on the previous trading day.
Please do not trade with out STOP LOSS.
With Best Wishes,
Ketan Asher.
Respected Sir-Thanks a lot for your kind reply.
ReplyDeleteSir,according to my calculations-21st week starting from diwali day ends on 1st april 2011{friday}.
Kindly guide me about this confusion and oblige.
Regards
Ram Chad
You are right on the calculation, but in such cases actual time may not be so precise. As of now it should be referred to just as a guidance only.
ReplyDeleteRegards,
Ketan Asher.