NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
On last Friday, Nifty Future opened strong and made a high of 5116 where it found Trend line resistance, but in the second half saw a sharp correction to make a low of 5065. Despite this correction, EOD candle and Weekly candle leave hope for continuation of this rally to a major hurdle at 5175.
With US markets closing strong, we can expect a strong opening tomorrow. One can create new position/trail existing long position with stop loss of 5040. On higher side it has to clear the trend line resistance of 5116 to go to higher levels. As such 5155 to 5175 region can act as resistance.
On downside, it will get weak below 5040 with support at 4975 and 4950. Nifty below 4950 can accelerate weakness.
Put Call Ratio of Index options increased to 1.38 as against 1.30 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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