NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
After 3 day up move, narrow range of 40 points for the day can be explained as taking breather before continuation of the up move. Nifty Future made low of 5050, high of 5090 and closed at 5081. EOD Candle does leave the hope for continuation of the up move open. However, it should be noted that Reliance and Infosys both remained weak today.
For tomorrow i would continue to suggest going long/trail the Nifty Future with a stop loss of 5040 and it can face major resistance at 5175 levels.
As referred in yesterday's post, tomorrow is the anniversary date if you consider the low of 2525 as the starting point of the current rally. Moreover it is the 242nd day of trading from the low of 2525 made on 5.03.2008. This coupled with significant resistance at 5170 may lead to an intermediate top, has to be kept in mind while keeping long positions open. While the charts do suggest continuation of the up move, it is better not to overlook such significant coincidences and take a cautious approach vis-a-vis trading positions.
One needs to worry about the downside only if Nifty goes below 5000 and closes below 4975.
Put Call Ratio of Index Options continues to remain high at 1.30 as against 1.26 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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