NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
On the back of strong closing in US markets, Nifty Future opened with a gap and made a high of 5454 in the early session. Thereafter, it retraced to fill the gap and remained sideways but in last hour it made a low of 5376 and closed at 5388. While the close is weak, we must also appreciate that it did not break yesterday's low and hence is still in the process of making higher bottom and higher top and also above the neck line. We must wait for tomorrow to decide if the market has made a false breakout and would like to give up the gains - my feeling is it will bounce back fro the midpoint i.e. 5340.
For tomorrow, as a matter of abundant caution, one should buy Nifty Future once it is above 5405 with stop loss of 5365. On higher side it will find resistance at 5420 - 5440 and 5475. i must remind the readers that for Nifty Future to gather strength, it is important for Reliance to move above 1090.
Short position may taken up below 5365 with stop loss of 5405. On lower levels, it will find support at 5340 and 5320.
Put Call Ratio of Index Options increased to 1.34 as against 1.24 yesterday and suggests extreme caution on the part of market participants.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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