NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
As expected, Nifty Future maintained downward bias throughout the day except in last one hour when it made an attempt to move up - with help of Bank stocks. However, as Reliance traded weak during the day, the attempt remained feeble and to an extent futile as Nifty Future could not move up convincingly.
On the 30 min chart, I have drawn a triangle which is almost ready for a breakout tomorrow, and thus making my job easier. The break out level on the upper side would be above 5670 (make it 5680 to be on the safer side) and on lower side it would be 5630. Depending on which side the market trades tomorrow, you can trade accordingly. Considering my bearish bias below 5702, I would expect the breakout to be on the lower side. However, please do not prempt the breakout and trade only after one of the levels is breached and that too with stop loss of about 30 points.
On the down side, Nifty Future will find support at 5585 and 5555.
Put Call Ratio of Index Options decreased to 1.16 as against 1.29 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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