NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In Friday's trading, Nifty Future continued its upward bias shown on the last day (or better to say last one hour) of FNO settlement. Nifty Future opened firm and maintained upward bias through out the day, except in last hour when it came down marginally due to profit booking and weekend consideration. During the day, Nifty Future made a high of 5482 and low of 5415 and closed the day at 5466. On the 30 min chart you will find the Andrew's Pitchfork marked and we are close to facing the resistance at 5485. Similarly, on the EOD chart, you will observer that we have a trend line resistance at 5500.
For market to sustain further momentum, it has to cross the above referred hurdles and hence it is best to avoid long position for tomorrow. Once the above resistance levels are crossed, we have once again the level of 5555 to contend with.
One can consider going short below 5450 with stop loss of 5485. On the down side, it will find support at 5420 and 5380.
Put Call Ratio of Index Options increased to 1.05 as against 0.97 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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