NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
Though Nifty Future opened firm today, it did not show much strength in the opening session. As such, it went down to the day's low of 5088. After much narrow trading, Nifty Future moved up in the second session to the day's high of 5174 and finally closed the day at 5155. Needless to mention that much of the rise today should be on account of short covering as Nifty Future trading in discount turned to premium.
My view for tomorrow remains the same as today. As we approach 5200 we are nearing the strong resistance level. I would not advise fresh long position at this stage as Nifty Future may see a sharp pull back from 5200 levels in veiw of the trend line as well as 50% level shown on the EOD chart. If this level is broken, Nifty Future can go up to 5300 level to fill the gap left when market opened lower after US downgrade.
I must caution here that if my bearish view from here is to come true, Nifty Future should move down tomorrow (may be after touching arround 5200) - as it is the last trading day for the week. Any bearishness going forward from next week, should most likely be reflected in this Week's candle.
For tomorrow, short position may be taken with stop loss of 5250. Bearishness will be confirmed only below 5100. Support comes in at 5050 and 5000.
Put Call Ratio of Index Options remained almost unchanged at 1.07 as against 1.05.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
No comments:
Post a Comment