NIFTY FUTUR 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
After a weak opening and taking support at 5538 (0.618 shown on the 30 min chart), Nifty Future made an attempt to go up and made the day's high of 5586. Thereafter, Nifty Future remained weak and at the fag end of the day, made a low of 5533. During better part of the day, it gyrated between the levels of 5555 and 5533 with a downward bias. On the EOD chart, Nifty Future made lower top / lower bottom for the day. Most importantly, Nifty Future closed @ 5544 - below the key level of 5555.
For tomorrow, I would advise going short below 5530 with stop loss of 5560. On the down side it will find support at 5500 and 5470. Existing short positions should be continued with stop loss of 5610.
It is advisable to avoid fresh long positions, till Nifty Future finds a bottom.
Put Call Ratio of Index Options increased marginally to 0.98 as against 0.96 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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