NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future opened steady and made a low at 5359 i.e. did not breach yesterday's low and thereafter in the second half made a smart recovery to decisively go above the neck line and the ellipse being shown on the EOD chart. In the last hour it made high of 5422 and closed near the high at 5417. This augurs well for a firm opening tomorrow.
It seems now, that it was worth our while, to monitor Nifty Future movement, through the ellipse for some time now. It is pertinent to note that, today's up move is despite weakness in Infosys - post weak results declared this morning. It must be noted that Reliance seems to have shrug off its lethargy and is now poised to lead the market. Real strength will be evident only above 1090.
Tomorrow, long position should be taken with stop loss of 5370. On higher side, it will find resistance at 5440 - 5470. It will be prudent not to remain short, once Niifty Future remains above 5420.
Short position should be taken only below 5365, with stop loss of 5400. On down side, it will find support at 5325.
Put Call Ratio of Index Options remained high at 1.24 as against 1.21 yesterday.
Please do not trade with out STOP LOSS.
With Best Wishes,
Ketan Asher.
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