NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In light of Nifty Future facing resistance at the trend line shown on the EOD chart, it opened weak today and remained sideways and in the second half made a low of 5235 and closed at 5248. The positive feature of today's movement was that though Nifty remained weak (led by weakness in Reliance) throughout the day, it did not breach yesterdays low. The EOD candle leaves some hope that we should be able to hold 5200 level. The fact that 5200 is now an obvious level for weakness, we may not see this level at all. Nifty Future will now get strength above 5300 level - at the break of the trend line which acted as a resistance level yesterday.
For tomorrow, one can create long position above 5275 with stop loss of 5240. At higher levels, it will find resistance at 5300 - 5320 and 5350. Tomorrow, Nifty Future will cross the ellipse above 5350 level.
Fresh short position should be taken only below 5200 with stop loss of 5240. At lower level, 5150 will provide support, but the market will become weak if it closes below 5200 -Looking at the US markets at the time of writing, it does leave hope that 5200 level may not be broken. In that respect, tomorrow should be an important day for the market.
Put Call Ratio of Index Options decreased to 1.03 as against 1.13 yesterday - this too is suggesting an upward bias!
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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