NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In view of the Terror attacks in Mumbai last evening, Nifty Future opened weak and made the day's low of 5546 and after the 1st hour of trading made consistent gains to make the day's high of 5667 - exactly on the resistance line shown on the 30 min chart. In view of the strong resistance at the day's high (as indicated in my post yesterday) Nifty Future made a sharp down move to close the day at 5600.
Considering the way Nifty Future came down sharply from the day's high, one needs to be cautious at higher levels. Tomorrow, short position may be considered below 5580 with stop loss of 5625. On the down side, it will find support at 5555. Weakness will accelerate below 5540 and in that event, there is a possibility of Nifty Future testing 5470.
Long positions may be avoided for tomorrow. Tomorrow being the last trading day for the week, it would be interesting to see at what level will Nifty Future close tomorrow, as it will leave the indications for the following week. To keep confusion away, just remember that close below 5555 is not good for continuation of the rally.
Put Call Ratio of Index Options increased to 1.03 as against 0.99 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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