NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
One more day with just 50 points range with downward bias and also a lower top / lower bottom day. The day's high, low and close were 5667, 5617 and 5637 respectively. I have redrawn the triangle on 30 min chart to cover today's price movement.
For tomorrow, the triangle indicates downward breakout below 5616 and upward breakout above 5660. As Nifty Future continues to trade below 5702, I would maintain downward bias - at least for one more day and hence short position may be considered below 5615 with stop loss of 5640. On the down side, it will find support at 5585 and good support at 5555. As such, in the event Nifty Future holds this level for some time, one can consider going long at this level with stop loss of 5500.
Considering the small candles on the 30 min chart, even after the triangle break out, one needs to be prepared for the eventuality of upward breakout. If this materialises, one can consider going long above 5680 with stop loss of 5650. On the higher side, it will find resistance at 5700 and 5750. It is advisable not to remain short above 5702.
Put Call Ratio of Index Options decreased to 1.05 as against 1.16 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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