NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
Contrary to my expectations, Nifty Future opened firm on Friday and went up to make a high of 5389 and closed little lower at 5365 and the close is also back inside the wedge - being shown on the EOD Chart.
With US markets closing firm on Friday, we can expect the markets to open firm tomorrow. The critical point is whether Nifty future is able to muster enough strength to cross previous high of 5398. However, we will have to then face major hurdle around 5420 and 5440 levels.
One can consider going long on Monday with 5325 as a stop loss. On higher side it will face resistance at 5400 and 5420-5440 levels referred above.
Fresh short position should be considered only below 5330 with stop loss of 5365.
Put Call Ratio of Index options decreased marginally to 1.20 as against 1.23 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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