NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
One more narrow range day which ended as a doji. The day's High, Low & Close were 5544, 5493 & 5519 respectively. Incidentally, during this week till date, we have a range of just 103 points (High 5578 & Low 5475) as against the norm of 150 to 175 points.
On the EOD chart I have drawn a triangle (in Magenta) which indicates the exact point of today's bottom.
Considering that the Nifty Future did not break the previous bottom of 5475 and bounced back from the trend line support as mentioned above, we can expect the market to go up. For tomorrow, long position may be considered above 5555 with stop loss of 5520. While this level may look little far off compared to today's close, it manages to take Nifty Future above the Weekly/Monthly mid points too and also takes care 5555 - the key level referred by me quite often. On the higher side, 5588 and 5600. It is not advisable to remain short if Nifty Future manages to go above 5600.
While the current US market movement does indicate up move tomorrow, we must not forget that below 5475, it may go down a little too fast.
Put Call Ratio of Index Options remained almost unchanged at 0.93 as against 0.92 yesterday.
Please do not trade without STOP LOSS, as tomorrow being the last day of the week and the breakout on the EOD chart, it could be an eventful day.
With Best Wishes,
Ketan Asher.
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