NIFTY FUTURE 30 MIN /NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future opened firm and remained steady in the first half of the day. In the second half - led by Banks & Infosys, Nifty Future made a sustained up move to make a high of 5314 and close of 5307. Nifty Future faced hurdle at the trend line, shown on the 30 min chart.
For tomorrow, fresh long positions should be taken only above 5320 with stop loss of
5295. At higher levels, it will face resistance at 5365 and 5420. For sustained up move, it is important for Reliance to move above 1100.
If we are able to close above 5365 tomorrow, we would be crossing the upper level of ellipse being shown on the EOD chart for some days now. I would consider this to be the first indication to suggest that we will soon see life above 5400. Will this happen tomorrow? Well it could - if Reliance participates.
Short positions should be taken below 5270 with stop loss of 5300. At lower levels, it will find support at 5240 - 5200.
Put Call Ratio of Index Options remained almost unchanged at 1.13 as against 1.15 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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