NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading Nifty Future opened little lower than previous day's close to make day's low of 4822, but remained steady thereafter to make sustained higher top and higher bottom on 30 min chart. It made a top at 4924 and gave a pullback due to intra day profit taking and the fact that 4920 was a major hurdle to reckon with. It ended the day at 4899 and that too with EOD candle not showing any weakness.
For tomorrow, aggressive traders can buy at the open, with a stop loss of 4840 and those who would like to play safe can enter above 4925 with stop loss of 4890. On higher side, it will face resistance at 4960 - 4975 - 5000 and 5030. Nifty Future will show strength above 5030.
Fresh short position in Nifty Future should be considered only below 4840.
With results season getting over, we have to now look forward to the Budget announcements scheduled for 26th Feb and the Disinvestment Programme. These two events should keep market sentiment in good spirits and this will become evident after Nifty Future manages to cross 5030 levels. Current phase provides a good opportunity to make small quantities of delivery based buying at lower levels. As stated in my previous post, i would consider 4600 level, as the worst case scenario.
Put Call Ratio of index options remained at 1.04 as against 0.92 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes.
Ketan Asher.
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