NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
Much to every ones surprise, Nifty Future did not open with panic as was feared over the weekend. While it does show resilience on the part of Indian markets, the fact that it is not able to cross the 5420 levels - mainly due to lack of participation by Reliance, could also be interpreted as - lull before the storm! If you observe the EOD chart, you will find that tomorrow is the intersection of the Neck Line and the Trend Line and hence should provide the direction either way.
For tomorrow, I would continue to remain hopeful of the up move, as long as Nifty Future remains above 5340. Long positions - existing/fresh should be held with 5340 as a strict stop loss. On higher side, it will find resistance at 5420 - 5450. In case it manages to clear 5420 - short covering itself may lead to a new high and it will pave the way for my much awaited level of 5545 around 23rd July.
Short positions should be taken below 5340 with stop loss of 5375. At lower levels, it will find support at 5300 (Ellipse cusp and a good reason for bounce). However, if the Nifty Future closes below 5340, it would be below the trend line and hence market undertone may become weak.
Put Call Ratio of Index Options remained almost unchanged at 1.19 as against 1.22 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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