NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
Contrary to my expectations, Nifty Future remained firm and closed with a positive bias. Though it remained in 50 points range throughout the day, it closed at 5305 near the high of the day @ 5315.
For tomorrow, we can expect the market to open firm and long positions should be taken above 5330 with stop loss of 5290. On higher side it will find resistance at 5365 - 5420 and 5455. From the EOD chart you can observe that as time progresses, the upper level of the Pitchfork is going up and although Nifty Future may do a new top it still remains bound within the same structure. If you believe this to be true, then we are near the higher end of the range and it will be better to sell against delivery.
One should consider going short only if Nifty Future is below 5250 with stop loss of 5285.
Put Call ratio of Index Options remained unchanged at 0.98 as against 0.97.
We are now in the FNO settlement week and hence volatility will be higher. Please do not trade without STOP LOSS.
With best Wishes,
Ketan Asher.
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