NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, weakness continued in Nifty Future right from the beginning of the trading session. During the day, Nifty Future managed a high of 5425 and low of 5357 amidst volatility. The point to be noted is that today's close at 5380 is the lowest for the past 13 days - suggesting weakness. However, we also need to factor that the close has been above 5375 - a critical level below which I had been suggesting weakness. I have redrawn the triangle (in Brown) on EOD / 30 min chart, covering today's lower levels. From the EOD triangle it is evident that if Nifty Future remains above 5375 or more specifically above 5425 (considering today's resistance level) it can go up to 5520 - particularly as World markets are trading higher with the hope that Japan's Nuclear Leak problem will get resolved soon. Please note that as long as Nifty Future remains within the triangle and as it approaches the apex of the triangle it can breakout on either side with forceful effect - either this week or definitely the next.
In view of the above, it is better to consider fresh short position only below today's low of 5357 or at higher levels depending on the situation as it unfolds over the next few days.
For those with higher appetite for risk can consider going long above 5425 with stop loss of 5375. on the higher side it will find resistance at 5465 - 5490 and 5520.
Put Call Ratio of Index Options increased marginally to 0.99 as against 0.92 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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