NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
On the back of positive close in US markets on last Friday and truce announced by both the Reliance Groups, Nifty Future opened with a wide gap and made a high of 5023 but could not sustain at higher levels and in the second half wiped out majority of gains made in the opening session. It made a low of 4911 and closed at 4931. The good part is that it has filled the opening gap today itself, but i believe that the upmove is still possible as long as we continue to remain above 4930.
For tomorrow, new long positions should be taken only if Nifty Future moves above 4970 with a stop loss of 4930. On higher side, it will face resistance at 5050 and 5080. Nifty Future will gain strength only above 5100.
Fresh short position should be considered only below 4850.
Put Call Ratio of Index Options increased to 1.01 as against 0.96 on the previous day.
We are into the last few days before the FNO settlement and hence please do not trade without STOP LOSS. However, the fall provides a good opportunity for delivery based buying.
With Best Wishes,
Ketan Asher.
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