NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future opened weak and made the day's low of 5466. Though it made an attempt to go up it remained in a small range of 49 points throughout the day. Once again it closed (5505)near the high (5515) of the day and left lower shadow on the EOD candle. In any case, weakness was apparent as it made a lower top / lower bottom. On the 30 min chart you will find that it just managed to stay above the Andrew's Pitchfork. Steel and Banking sector accounted for the major part of the fall.
In view of the weakness today, it is advisable to stay away from fresh long positions.
Fresh short positions should be taken below 5465 with a stop loss of 5505. On the lower side, it will find support at 5420 and 5375. Weakness will accelerate below 5375.
As discussed in the last weekly post, we are in a sideways trend on the weekly chart for the 6th week. In case we close below 5400 tomorrow, we would be at a striking distance to go below 5200 next week (that would be the 7th week like earlier occasion). At the same time, any close above 5570 will favour the bulls. Hence, please plan your trading strategy for the next week accordingly.
At the time of writing this post, World markets are trading weak (down by over 1 %)and this could adversely affect the sentiment tomorrow.
Put Call Ratio of Index options increased to 1.07 as against 0.97 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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