NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading Nifty Future opened weak, but stabilised soon thereafter and even made a higher top at 4818 and closed at 4793. Noteworthy point was that despite efforts, backed by positive European markets, it could not cross 4820. This point may be relevant for tomorrow's trading.
For tomorrow, one can buy Nifty Future with stop loss of 4740. On higher side, Nifty Future will find resistance at 4820 - 4850 and 4865. Thereafter 4920 may act as a strong resistance. For up move to gather momentum, it is important for Reliance to go above 1020 and 1040 soon.
While i do not recommend going short at these levels, i would like to caution, that if Nifty Future goes below 4720, possibility of retesting the recent low of 4650 can not be ruled out and hence trading positions should be protected with STOP LOSS.
Put Call ratio of index options significantly decreased to 0.84 as against 1.04 yesterday.
With Best Wishes,
Ketan Asher.
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