NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In sympathy with the fall in World markets, Nifty Future opened weak and made low of 5531 but managed to remain firm for the remainder of the day. During the day, Nifty Future made high of 5577, but closed lower at 5558. Today's close brings Nifty Future once again below the median line shown on the EOD chart.
For tomorrow, one can consider going short below 5540 with a stop loss of 5570. On the down side, it will find support at 5520 - 5500 and good support at 5475 from where a bounce is likely, more so considering that tomorrow is the last day for the weekly candle.
Long positions are best avoided as World markets continue (more particularly Europe) to remain weak and we can not avoid the contagious effect for long, as there are no special positive triggers.
In the unlikely event of Nifty Future showing strength, on crossing 5600 it can go up to the next resistance level of 5645 and hence short positions should be held with suitable stop loss. As long as Nifty Future remains above 5555, this possibility should not be ignored.
In the unlikely event of Nifty Future showing strength, on crossing 5600 it can go up to the next resistance level of 5645 and hence short positions should be held with suitable stop loss. As long as Nifty Future remains above 5555, this possibility should not be ignored.
Put Call Ratio of Index Options increased to 1.39 as against 1.21 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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