NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty Future opened with a downside gap at 5500 and continued to remain weak to make the day's low of 5400. In the second session, it came back to the opening levels and closed the day at 5476. While the close has been weak and Nifty Future has started making lower top / lower bottom, the noteworthy point is that there has been a long lower shadow, suggesting support at lower levels.
Considering the long lower shadow, it is likely that, Nifty Future may go up to 5530 and fill the gap left today. However, it is not advisable to create fresh long positions. Instead, one can consider going short at higher levels with strict stop loss of 5555. In case of a weak opening, one can consider short position below 5450 with stop loss of 5480. On the lower side, it will find support at 5420 and 5375. Weakness will accelerate below 5375. Lower down, 5300 and 5220 will provide support.
Put Call Ratio of Index Options decreased to 0.94 as against 1.09 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
Respected Sir-As You Said in Your Last Weekend Post.....''The pattern referred on the charts is an inverted Flag in both the situations.... "
ReplyDeleteSir My Query is-At What Point This Invertd Flag Pattern Will Get Negated?
Thanking You
Kind Regards
Ram Chad
Going strictly by the pattern, it should fail above 5630. However, considering that Nifty Future may go to test 5670 (200 day SMA) and quickly followed by 5680 being the channel resistance on the monthly chart, I would expect it to touch this levels on intraday basis, before it moves down. Hence, I continue the bearish view, subject to the possibility of testing the above referred levels.
ReplyDeleteTrust this helps,
Regards,
Ketan Asher.