NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading Nifty Future opened strong and after initial down move to 4967, remained steady with upward bias to make a high of 5035 and closed at 5023. considering the close, we can expect a strong opening tomorrow. While today sectors like Bank, Cement and Steel participated, performance of Reliance continues to remain lackluster. We must remember that for sustained up move in Nifty, participation by Reliance is a must. Let us hope it starts its journey above 1000 tomorrow.
For tomorrow, one can consider remaining long with stop loss of 4980. On higher side it will face resistance at 5075 and major hurdle at 5170. At this level it would be better to close long position or trail with tight stop loss.
Now that Nifty Future has closed above 5000, we will find lot of short covering taking place as many were bearish on the market. I would not recommend going short against the trend except at the resistance level of 5170, that too with tight stop loss of 5200.
Put Call Ratio of Index options remained unchanged at 1.17.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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