NIFTY FUTURE 30 MIN / NIFTY FUTURE 30 MIN
NIFTY FUTURE:
As expected, Nifty Future did correct on Friday, but once again ended the day with a small lower shadow and did not break the previous day's low (5305). During the day, Nifty Future made a high of 5443 and low of 5350. It closed the day at 5397.
As mentioned in the weekly/monthly post, Nifty Future continues to show strength as FII money keeps pouring in. However, on the 30 min chart Nifty Future just managed to stay above the Andrew's Pitchfork line. Having remained above this line since the beginning of the current up move, I am inclined to believe that once Nifty Future moves below the Andrew's Pitchfork line (below 5350), the fall may accelerate - as it would be out of the Andrew's Pitchfork. Second point to note is that all along the up move, Nifty Future has remained below the all important median line.
Secondly, on the EOD chart, RSI is showing signs of fatigue and fall below 5300 will take Nifty Future down to 5270 and 5225.
In view of the above, I would continue to advise caution on the long positions. With DOW showing weakness in Friday's trading, we may see the much awaited correction next week.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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