NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trade, Nifty Future opened weak but quickly crossed the 4850 level and went up to make a high of 4889 and closed marginally higher than yesterday at 4870. Weakness in Reliance continues to be the major cause of weakness in Nifty Future. Till such time Nifty Future closes above 4920, listless performance of Nifty Future will continue.
From the EOD Chart, you will find that Nifty Future has taken support on the Trend Line and hence it needs to cross the 4920 ASAP, otherwise possibility if it going below 4800 tends to increase. Tomorrow Railway Budget is to announced and if it provides some positive triggers it may be possible for Nifty Future to go above 4920. Depending on the risk profile, one can either buy Nifty Future above 4920 or at lower levels but above 4850 with a suitable stop loss of about 30 points. On higher side, if 4920 is crossed, it will find resistance at 4985 and 5010.
Put Call Ratio of Index options marginally decreased to 0.86 as against 0.91 on the previous day.
With presentation of Railway Budget, market can remain quite volatile, hence please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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