NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty future opened firm and remained so for the day to make the day's high of 5788 (low of 5695), but the last one hour saw some profit booking to close the day at 5751. Once again we have small upper shadow on the EOD candle - not the best thing to happen. The main positive for the day is that it was higher top / higher bottom - 6th day in a row!
Considering the strength shown (though looks little stretched now due to 6 day rise) there is a good possibility of Nifty Future hitting 5825 - a level referred to in the Monthly chart updated on last Saturday. In view of the support from the up move in World markets and FNO settlement on Thursday and Financial year end valuation on the same day, we can expect the Nifty Future to reach the level of 5825 by then and see a correction thereafter.
Short position may be considered only below 5725 with stop loss of 5755. On the down side, it will find support at 5690 and 5670.
Negative divergence has started appearing on the 30 min chart and hence it is not advisable to create fresh position at higher levels. Moreover, existing long positions should be trailed with strict stop loss.
Put Call Ratio of Index Options remained almost same at 1.10 as against 1.05 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
No comments:
Post a Comment