NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading Nifty Future opened firm but could not sustain at higher levels and had a listless trading within 37 points range for the day. From the EOD chart you will observe that set up still gives hope for the continuation of the up move as today's trading has also made a higher bottom and higher top.
For tomorrows trading, one should consider going long above 5350 with a stop loss of 5320. On higher side it will find resistance at 5420 and 5460. It would be better to consider buying a call option of 5400 Strike Price at Rs. 7/- and leave it till expiry.
Fresh short position should be taken only below 5280 with stop loss of 5320.
Put Call Ratio of Index Options remained at 0.99 as against 0.98 on the previous day.
Considering the market set up, i would advise not to maintain very bearish approach as we are just a few days away from the FNO settlement and in case Nifty Future makes a new high, we may see lot of squaring up of short position which may take the market up to 5460. Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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