NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future opened weak and went down to the low of 5475 and as expected, bounced back to the high of 5547 and closed firm at 5534. As can be seen on the 30 min chart, the bounce has been from the key support area but has remained below another important level of 5555.
For the Nifty Future to gain momentum, it has to now cross once again above 5555 and thereafter above the Andrew's Pitchfork @ 5575, as shown on the 30 min chart. Considering the persisting weakness in the World markets, this seems to be a bit difficult. In view of the multiple resistance levels, I would suggest that fresh long positions around the resistance zone is best avoided. Short positions may be considered below 5500 with a stop loss of 5540. On the down side, it will find support at 5465 - 5420 and good support at 5385.
Put Call Ratio of Index Options decreased to 0.91 as against 1.09 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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