NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading Nifty Future opened firm and maintained upward bias for the day. The positive feature being that it has not broken yesterday's low and has closed near the high of the day - not to forget that it was FNO settlement day.
Tomorrow we can expect the opening to be firm and Nifty Future will go up to fill the gap left yesterday. One can consider going long with stop loss of 5225. On higher side it will find resistance at 5280 and 5325 being a major hurdle of the trend line as shown on the EOD chart. For Nifty Future to sustain upward move Reliance has to move above 1080. We can look for continuation of the rally if Nifty Future closes above 5325 and it would be prudent not to remain short above this level. In that event i expect Nifty Future to touch 5420 level being referred here for some time now.
One should consider going short only below 5200, which looks unlikely at least for tomorrow - with Greece problem likely to get resolved.
Put Call Ratio of Index Options increased to 1.31 as against 1.15 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
PS: In the EOD chart you will observe that Nifty Future can go upto the upper channel of the Pitchfork - i.e. make a new high upto 5475 in the coming days and may be than start a correction. In a range bound market selling near the higher end of the range always helps.
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