NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In Friday's trading, Nifty Future opened firm and made a new high of 5476, but could not sustain at higher levels and made a low of 5428 and closed the day at 5444. Though the weekly close is positive and there has been a new high during the week, the last weeks' candle indicates more of a sideways trend.
As US markets have closed the week on firm note , we may once again see strong opening, but we have too see whether market is able to sustain at higher levels - particularly when Reliance is not participating in the up move. Reluctance on the part of the market to go up is evident and hence it is advisable to consider delivery based selling at higher levels.
For tomorrow, one can consider going long with a stop loss of 5420. On higher side it will find resistance at 5475 - 5515 and 5545.
Short position may be taken only below 5420 with stop loss of 5450. At lower levels, it will find support at 5350.
Put Call Ratio of Index Options has increased singificantly to 1.56 as against 1.05 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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