NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading Nifty Future opened at yesterday's level and went up to make a high of 5140 and then gave up all the gains by middle of the day to go near the day's low of 5095 and closed the day at 5118. It had one more narrow range day. Interesting feature of today's trading was that it did not go below yesterday's low and continued to take support on the trend line shown in the EOD chart. Best part of today's trading is that Reliance has closed above 1000 with above average volumes. Let us hope it continues to provide leadership to the market and takes it out of the narrow range syndrome.
For tomorrow, one should go short only if Nifty Future trades below 5090 with a stop loss of 5135. On down side it will find support at 5055 and 5000.
One should consider going long above 5145 with stop loss of 5100. On higher side it will find resistance at 5170 and 5225. It is not advisable to remain short if Nifty Future trades above 5225.
Put Call Ratio of Index Options increased to 1.39 as against 1.18 yesterday. This high level of put call ratio indicates that general perception is expecting the market to fall. If you believe, that market always proves the general opinion wrong, than have an upside bias and buy 5200 call option once market trades above 5145.
With Best Wishes,
Ketan Asher.
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