NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In Friday's trading Nifty Future made a high of 5055 and closed the week at 5041 - near the high of the day. As can be seen on the EOD chart, Nifty Future is near the upper end of a channel and to move outside, it must remain above 5045 in tomorrow's trading. With 5100 offering a major resistance and as we are already up for the past 3 days, i would not recommend fresh long positions for tomorrow.
One can consider going short with a stop loss of 5075. On downside it will find support at 5000 and 4920.
Another important point to be noted is that tomorrow is last day of the month and monthly close anywhere above 5000 should indicate that the continuation of up move is still intact and we can take the opportunity of buying at lower levels.
Put Call Ratio of Index Options increased to 1.19 as against 0.93 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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