NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
Contrary to expectations, Nifty Future did not open with a gap but had a steady opening. However, it remained weak in the early hours and even made a new low at 5438 - which was 0.618 correction of the swing shown on the 30 min chart. Thereafter, Nifty Future maintained steady up move, to make the day's high at 5511 and remined sideways to close the day at 5499. It may be interesting to see on the 30 min chart, how perfectly the day's bottom has been made at the 0.618 retracement level and again on its way up, it has faced resistance at the trend line drawn to depict the triangle.
For tomorrow, we are once again in multiple resistance zone till 5555 and with Reliance continuing to be weak it is better to avoid long positions till Nifty Future retests the lower levels particulalrly 5365.
Short positions may be taken below 5470 with stop loss of 5500. On the down side, it will find support at 5420 and 5365.
Put Call Ratio of Index Options increased to 0.95 as against 0.84 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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