NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
Today Nifty Future and Reliance started the day with showing open=high and thereby capping the chances of further rise during day. Nifty Future remained bearish though out the day and closed lower but we must allow one day pull back considering yesterday's one way rise of 3.50%.
As can be seen on the 30 min chart, as long as Nifty Future does not go below 5110 there should not be any problem for this up move and hence existing long positions should be protected with 5110 as stop loss. If this level is broken, there is a possibility of the gap left yesterday will be filled and Nifty Future may retest the lows @ 4976. However, this possibility looks remote and hence i do not recommend going short tomorrow.
Fresh long positions should be taken when Nifty Future moves above 5170 (with stop loss of 5140) as it would have crossed the trend line shown on the 30 min chart. On higher side, 5240 and 5300 will act as resistance.
Put Call Ratio of Index Options remained almost unchanged at 1.04 as against 1.05 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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