NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
Contrary to my expectations, Infosys results were declared before the market opened for trading this morning. As expected, market opened weak but thanks to Infosys, it went up to 5285 by the middle of the day, but gave up all the gains in the second half of the day to make a low of 5200 and closed at 5209.
While today's close does indicate weak opening tomorrow, i would request the readers to see Nifty Future EOD chart given above. You will find that Nifty Future has multiple trend line support around 5170 levels and hence one needs to be cautious, as market may show a bounce from this level.
For tomorrow one can go short only below 5170 with stop loss of 5205. On the down side it will have support @ 5150 and 5120.
On the up side Nifty Future will have to first clear 5225 and major hurdle at 5250. One can buy Nifty future if it trades above 5250, with stop loss of 5220. on higher side it will have resistance at 5275. Thereafter, it is advisable not to remain short as the chances of breaking 5303 will be very high.
Put Call Ratio of Index options increased to 1.04 as against 0.95 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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