NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
After a weak opening, Nifty Future did make an attempt to go up and managed to make the day's high at 5577.70. Interestingly, it remained just short of 0.20 points below yesterday's high of 5577.90. Well to me this was the first indication that "All was not well" for the day. Immediately thereafter, Nifty Future made a sharp down move and made the day's low of 5471. Yesterday I had mentioned that we were near to the upper range of what appeared to me as Inverted Flag pattern. Well - today I have to mention that we are near to the lower range of the inverted flag pattern.
Considering that we closed (5481) near the low of the day, we can expect a weak opening. As can be seen on the EOD chart, we have a trend line support at 5420. In case of a weak opening, one can considering going long with stop loss at 5420. Tomorrow being last trading day of the week, we could see a bounce. On the higher side 5540, 5555 and 5580 will provide resistance. Bias will change to positive only above 5580 - which looks difficult for tomorrow.
Considering that we are now at lower levels, we need to be cautious in case of short positions. As was mentioned in my last weeks' post, major down side is likely only when we go below 5300.
Put Call Ratio of Index Options remained unchanged at 0.88.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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