NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
As the World markets did not respond to the Debt deal favourably, Nifty Future (in a surprise move) opened near yesterday's low and after taking support near 5470 for a while, went down to make the day's low at 5433. On the attached 30 min chart, I have shown todays' support level with the help of Andrew's Pitchfork. It closed today at 5466 - just below 5470 level.
For tomorrow, the downward bias will continue as long as Nifty Future remains below 5470 (swing mid point). We are now near to the multiple support level near 5400 and fall will accelerate below this level to test the next support at 5300. As such it is advisable not to remain long, once Nifty Future trades below 5400 as it may be difficult to take a call as to how far can it go.
I guess, the only bullish factor left for the market currently is that all have suddenly become bearish on the market. What happens to the US Debt problem even after passing of the deal by Senate will get clear only in the next few days and hence all the markets will be held to ransom till the air is clear about the fate of the US AAA rating.
Put Call Ratio of Index Options decreased to 0.91 as against 1.01 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher,
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