As we discussed last week, Nifty Future fell down & tested level 5108.25 in intraday on 28th Aug but managed to closed above 5200, we have seen large volumes in Nifty Future that day when it recovered sharply which is positive sign for bulls.
After that Nifty Future continue to rally for two consecutive days with good volumes, so we guess Nifty future is going to break its resistance which is currently at 5500 level in coming days, it can be double breaking of resistance (a down trendline & resistance horizontal trendline shown in Figure) if Nifty Future closes above 5500.
Nifty Options data is also showing positivity, PCR(Put Call Ratio) is around 1.21 for all series & for current series it is around 1.47 which is bullish sign. Open Interest in Nifty Futures added significantly yesterday.
14 days RSI is also confirming a positive move for Nifty future, it is diverging with price & strengthening to upward.
We can see resistance levels for Nifty Future by using Fibonacci Retracements in Figure, i.e. 5489, 5607 & 5725.
After all said done, we come to this conclusion is 5500 level for Nifty Future is strong resistance, if Nifty Future manage to cross this level & sustain above it then we can see fresh short to medium term rally in Nifty future.
After that Nifty Future continue to rally for two consecutive days with good volumes, so we guess Nifty future is going to break its resistance which is currently at 5500 level in coming days, it can be double breaking of resistance (a down trendline & resistance horizontal trendline shown in Figure) if Nifty Future closes above 5500.
Nifty Options data is also showing positivity, PCR(Put Call Ratio) is around 1.21 for all series & for current series it is around 1.47 which is bullish sign. Open Interest in Nifty Futures added significantly yesterday.
14 days RSI is also confirming a positive move for Nifty future, it is diverging with price & strengthening to upward.
We can see resistance levels for Nifty Future by using Fibonacci Retracements in Figure, i.e. 5489, 5607 & 5725.
After all said done, we come to this conclusion is 5500 level for Nifty Future is strong resistance, if Nifty Future manage to cross this level & sustain above it then we can see fresh short to medium term rally in Nifty future.
we suggests that go long in Nifty Future once it breaks its resistance at 5500 or be neutral for Nifty Future till 5200-5500 range.
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See syllabus for Technical analysis training in Mumbai,India.
Please read our disclaimers before investing http://tradingkamai.blogspot.in/p/disclaimer.html
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