NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
After a firm opening and initial hesitation to continue the up move, Nifty Future managed to gather steam to cross 5500 level and thereafter maintained a steady up move to make the day's high of 5563 (low of 5480) and closed firm at the key resistance level of 5555. On the EOD chart you will observe that the close is right at the median of an Andrew's Pitchfork shown on the chart and that coupled with the key resistance of 5555 can end up to a tough level to cross. Moreover, today's high is also near the 0.382 retracement of the last swing.
Though we have ended the month little better at the mid point of the month and thus leaving lower shadow on the monthly candle chart, this should also be seen in the context of lower top / lower bottom for the month - which in itself indicates bearishness.
All this together coupled with continuous 4 day rise may lead to a correction and hence long positions are best avoided. Short positions may be considered below 5540 with a stop loss of 5565. On the lower side, it will find support at 5500 - 5475 and 5440.
Put Call Ratio of Index Options remained almost unchanged at 1.10 as against 1.08 on the previous trading day.
Please do not trade without STOP LOSS and don't forget to trail the long positions.
With Best Wishes,
Ketan Asher.
No comments:
Post a Comment