NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
As expected, Nifty Future opened firm and maintained steady up move during the day to make a high of 5004 and also closed near the top of the day. Interestingly, 200 DMA is also at 5000. If the up move continues tomorrow, we will be back above 200 DMA - indicating bullish territory.
For tomorrow, one can create fresh long position with a stop loss of 4980. On higher side it will find resistance at 5035 - 5070 and 5100. If it manages to cross 5100, it can go up to 5200 and should be considered as a pullback rally.
Short position may be taken only at higher levels around 5200 with stop loss of 5225. On lower side weakness will accelerate only below 4900.
Put Call Ratio of Index Options decreased to 0.93 as against 1.10 yesterday.
Please do not trade without stop loss.
With Best Wishes,
Ketan Asher.
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