NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
The upward bias mentioned in my post yesterday, did materialise but not strong enough for Nifty Future to cross the previous high (sign of weakness?). During the day, Nifty Future made a high of 5445 and low of 5369. The day closed with Nifty Future at 5418. Once again, Andrew's Pitchfork on 30 min chart has provided support to Nifty Future and in a way arrested the fall.
At the cost of repetition, I have maintain that 5450 will provide resistance and in the unlikely event of breakout, it can take Nifty Future to 5500 and 5550.
It would be prudent to go short only below 5365 (with stop loss of 5420), as by then Nifty Future would be out of Andrew's Pitchfork (after a long time) and the fall can accelerate. On the down side, it will find support at 5300 and 5225.
Another important thing I would like to highlight is the lower activity on the option side so far as increase in open interest is concerned and there has been reduction in the open interest for Nifty and Bank Nifty Future - after sustained increase over the past few days.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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