NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
After a weak opening, Nifty Future remained weak to make the day's low of 5881 - but did not break yesterday's low of 5580. That led to an attempt to move up after the mid session, but managed to make the day's high of 5932. In short, it made a lower top but did not make a lower bottom on the EOD chart. As mentioned yesteday, Trend Line on the EOD chart is providing strong support to Nifty Future and hopes for continuation of the up move. Tomorrow being last day of the week, should help us get a definite direction, not only for tomorrow but the weekly chart will provide suitable guidance for following week.
As indicated for today, short position should be considered below 5860 with stop loss of 5900. On the down side, it will find support at 5815 and 5760.
Please note that Nifty Future will be outside the channel once again - on the weekly chart when below 5800 and on the Monthly chart when below 5750. If this happens, weakness will accelerate.
Fresh long positions are best avoided. It must be mentioned here that short position may be trailed with stop loss of 5940. As once above this level, Nifty Future may try to scale up to 6000 once again.
Put Call Ratio of Index Options marginally increased to 1.13 as against 1.08 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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