NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future opened with a gap and in the first half of the day, made a low of 4962 - 8 points lower then the stop loss indicated yesterday. In the second half of the day, Nifty Future managed to fill the opening gap and made a high of 5075 and closed at 5058. While the pull back was sharp, i would not believe that the bottom is in place, since Reliance did not participate in the pull back and has closed near the low of the day. Secondly, at the time of pull back, Nifty Spot did not go above the previous day's low.
For tomorrow's trading, I would suggest going short around 5090 with stop loss of 5120. Alternatively if Nifty Future opens weak one can consider going short below 5020 with stop loss of 5050. On lower side it will find support at, 4960 - 4920 and 4850.
Long positions may be considered at lower levels of 4850 with stop loss of 4830.
Put Call ratio of Index Options decreased to 0.97 as against 1.17 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
PS : Please see the attached charts, it will help you.
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