NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future opened firm and after making the day's low of 4477 in the early trades, maintained upward bias throughout the day and made a high of 5553 and closed the day at 5524. The point to be noted here is that we are close to the upper range and near the trend line and a previous high of 5572. Except for a small upper shadow on the EOD candle, one can not find fault about the strength displayed by the market.
Before getting euphoric about this rise, one needs to remember that we are in a range bound market for the 7th week in a row and hence one tends to get optimistic when market hovers around the upper range. Till now the hopes have been belied every time the markets have moved near the upper range and this time may not be different unless we are able to cross (ideally close above) 5575. Once this level is crossed there is a good possibility of Nifty Future able to do 5680 - the lower channel on the Monthly chart. Please note that Nifty Future can continue the down move even if this level is hit.
I would maintain my bearish stance for this week as it is the 7th and may be the last week, before the market gets a definite direction - if past pattern is of any indication. Moreover, recent concerns of a Nuclear disaster continue to haunt Japan and could provide the trigger to take the markets down.
Short positions may be considered below 5490 with stop loss of 5530. On the down side, it will find support at 5465, 5420 and break of 5400 will accelerate bearishness.
Put Call Ratio of Index Options decreased to 1.21 as against 1.30 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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