NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
On the budget day, market remained in steady uptrend during the 1st half of the day and made a high of 5002, but gave up major gains in the second half of the day to close the day @ 4930 - just above the resistance level of 4920 being referred for better part of the last week. Weekly candle is almost a Doji - suggesting indecisiveness on the part of the bulls and the bears, but the structure still leaves hope for the up side.
Going by the media reports, the Budget proposals have been well received with exceptions of items like increase in MAT. As the participants would have now read through the fine print of the Budget proposals, tomorrow we may see the effect on individual sectors. Nifty Future may be bought above 4950 with stop loss of 4920. On higher side it will face resistance at 5000 and 5085.
Nifty Future may be considered weak below 4835.
Put Call Ratio of Index options increased to 1.17 as against 0.97 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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