NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future after a firm opening - once again maintained downward bias. The weakness was more accentuated in Bank Nifty which made a new 52 week low.
During the day, Nifty Future made High of 5125 and low of 5014. It ended weak at 5067.
On the attached 30 min chart you will find that past few days price action shows that it is moving within in a triangle formation with a lower breakout point at 5000 and higher breakout level at 5150. Breakout on either side could give a 250 point move. One positive for the day was that Nifty Future did not break the previous low - at least for today.
For tomorrow, it would be safer to follow the level given above - sell below 5000 with stop loss of 5050. If Nifty Future has to achieve the target of 250 points mentioned above, we get the level of 4750. Incidentally, it comes close to the level of 4770 indicated in my weekly post. I must add here, that this level of 4750-4800 will be achieved only after the level of 4920 is breached.
I have not indicated a buy above 5150 as my bias remains for Nifty Future achieving the target of around 4750 as discussed in my weekly post. Existing short positions should be held with a stop loss of 5125.
Put Call Ratio of Index Options remained almost unchanged at 1.05 as against 1.07 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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