NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
On the back of rise in US markets, Nifty Future opened with a Gap - above the trend line shown on the EOD chart yesterday and made a high of 5340 i.e. below the ellipse level of 5350 indicated yesterday. It is important to note that Reliance is not participating in the up move and may be that is putting the brakes on Nifty Future to Cross 5350 or crossing the ellipse.
Though today's close is weak, as it is near the low of the day - I would continue to go long with stop loss of 5270, as today's close is above the trend line. On higher side 5350 continues to be the hurdle and thereafter we will have to contend with 5420 as a resistance level. I would like to caution that these higher levels will be possible, only if Reliance is able to move above 1075.
Short position should be taken below 5270 with stop loss of 5300. On lower levels, it will find support at 5240 - 5220.
Put Call Ratio of Index Options remained almost unchanged at 1.05 as against 1.03 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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