NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
After a firm opening, Nifty Future went up to make the weeks' new high of 5605, but gave up the gains and went down to make the day's low of 5517. It ended the day at 5546. Highlight of the day's trading were - that it made a higher top and higher bottom but ended the day without showing much conviction for the bulls and also closed below the oft repeated level of 5555. Not to miss the opportunity of highlighting the importance of TP Grid, I would like to draw your attention to the fact that 5617 level (mid point for this month) acted as a resistance.
On the 30 min chart I have drawn an Andrew's Pitchfork which suggests that it will be better to go long only if Nifty Future crosses the Pitchfork Line at 5585 with stop loss of 5555. On the higher side, it will find resistance at 5620, 5675 and strong resistance at 5700.
Once again, I would continue to suggest that short positions should be taken only below 5500 with stop loss of 5555. On the down side, it will provide support at 5420 and 5393.
Put Call Ratio of Index Options increased to 0.92 as against 0.81 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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