NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future opened weak and could not go above 5402 and by mid session made a low of 5362 and closed at 5382. It has once again taken support on the Neck Line and that makes me believe that Nifty future is poised to go up. However, as 5355 level has acted as support on 3 occasions - as shown on 30 min chart, long positions should be protected as we could see nearly 100 point fall from that level.
For tomorrow, long position should be taken only above 5420 with stop loss of 5365. on higher side, it will find resistance at 5450 and 5470.
As indicated earlier, market may become weak on break of 5355, I would not advise short position, as Nifty Future can take support around 5325 on the Trend Line shown on the EOD chart and bounce back to every body's surprise.
Put Call Ratio of Index Options has decreased marginally to 1.28 as against 1.34 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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