NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading Nifty Future opened weak and continued to remain so throughout the day. During the day it made a low of 4937 and closed weak at 4949. Another notable feature for the day was that Nifty Future has filled up the gap near 4960 levels - the first and the nearest GAP.
In today's trading Nifty Future opened weak and continued to remain so throughout the day. During the day it made a low of 4937 and closed weak at 4949. Another notable feature for the day was that Nifty Future has filled up the gap near 4960 levels - the first and the nearest GAP.
While Nifty Future continues to remain weak, it may show a bounce due to oversold condition on intra day 30 min chart and on the back of strength in US markets. This up move may be possible if Nifty Future is able to cross 4966 and it can go up to 5000 or at best 5050. Hence 4966 should be considered as a stop loss for existing short positions in Nifty Future. Those holding 4900/5000 Puts should continue holding the same.
On higher levels one can sell at 5000 and above with stop loss of 5051. One should avoid going short at lower levels.
Once again Put Call Ratio of Index Option remained at 0.81 as against 1.04 on the previous trading day.
Please do not forget to use STOP LOSS as market can turn quite volatile in the fight of the Bulls and the Bears.
With Best Wishes,Ketan Asher.
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