NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
Despite SEBI/IRDA conflicting views on ULIP's, Nifty Future opened steady, but immediatedly went down to make a low of 5322 (but not lower than Friday's low) and bounced back to make a high of 5367 and cafter volatile movement closed at 5343.
FM has intervened and ULIP problem seems to have been be pushed aside - atleast for the time being. Tomorrow, we will open with Infosys results which could then decide the market direction. On the higher side 5420 -5440 area continues to remain a major hurdle. in these circumstances, it will be better to go short at higher levels with stop loss of 5450. Short position should be considered below 5300 with 5340 as stop loss. On down side, it will find support at 5285 and 5225. At 5225 levels we can expect Nifty Future to take support on the trend line as shown in the EOD chart and hence would be a good point to go long with stop loss of 5190.
Put Call Ratio of Index Options increased to 1.35 as against 1.20 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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