NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In yesterday's trading Nifty Future opened firm but could not sustain higher levels - may be strong resistance of 4920 has not completed its part. Nifty Future fell through out the day to make a low of 4807 and closed at 4822 - thus indicating weak close.
In yesterday's trading Nifty Future opened firm but could not sustain higher levels - may be strong resistance of 4920 has not completed its part. Nifty Future fell through out the day to make a low of 4807 and closed at 4822 - thus indicating weak close.
We are now close to 4750. If Nifty Future can make a double bottom and bounce from there, it will confirm that the correction is over or in light of positive US markets Nifty Future does not break 4800. even in this case we would have got higher bottom for Nifty Future, which will also confirm positive view. As mentioned in earlier posts, if 4750 is broken, we may see 4600 levels. As of now this possibility can not be ruled out.
With positive US markets, we may have firm opening. It is better to go long above 4850 with stop loss of 4800 or 4820. On higher side Nifty Future will find resistance at 4875 - 4920 and 4960. I do not advise going short at these levels. With 4600 levels as a reference point, it is a good opportunity to make delivery based buying for pre budget rally.
Put Call Ratio of Index Options remained unchanged at 1.03 as against 1.04 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher
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