NIFTY FUTURE 30 MIN /NIFTY FUTURE EOD
NIFTY FUTURE:
As expected market opened firm to make the day's high of 5295 in ear;y trades. Thereafter, market remained in narrow range and remained bearish throughout the day and made a low of 5248 and closed at 5256. Interesting feature of today's trading was that although it closed weak, on EOD chart, it has made higher top and higher bottom, which leaves hope for market to gain strength tomorrow, depending on the Infosys results. Till now Infosys results were always known, when markets opened for trading, but for the first time tomorrow, as per the new timings market would have opened and the results will follow, sometime thereafter.
In view of the above, the market opening can be expected to be weak and take direction based on Infosys results. As stated yesterday, market should be considered weak only below 5200 and more so if it goes below 5170. It will be advisable to take the trade after knowing Infosys results and buy can be initiated with the above levels as stop loss. On higher side it will gain strength only above 5305 and will find major resistance, in the range of 5345 and 5365.
Nifty Future may be sold if it trades below 5170 with stop loss of 5200. It will find support @ 5150 and 5120.
Put Call ratio of Index Options decreased to 0.95 as against 1.17 yesterday. This too suggests that participants are not very bearish.
Please be very cautious and make sure to use STOP LOSS.
With Best Wishes,
Ketan Asher.
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