NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
Critical Levels :
Level 1: 5365, Level 2: 5225 and Level 3: 4800
NIFTY FUTURE :
Today's narrow range trading (33 points) on the FNO settlement day must be a rare happening. The day's high was 5415 and low was 5382 - marginally lower than yesterday.
In contrast, Bank Nifty has made a new 52 week high at 10198 and closed at 10182 - near the high of the day, suggesting strength and further up move tomorrow. Reliance continued it downward momentum and is precariously placed.
Tomorrow, long positions should be taken only above 5440 with stop loss of 5400. On higher side, it will find resistance at 5460 and 5515. Nifty Future has made a top on Gann turn date and has since broken the trend line - suggesting weakness. Tomorrow, if Nifty Future comes upto 5460 it will find resistance at the trend line, which has been broken once. Without participation from Reliance, it is unlikely that it can pierce the trend line and show strength. Reliance has to get back above 1051 to show strength.
Short position should be considered below 5380 with stop loss of 5420. on lower side it will find support at 5365 and below which weakness will accelerate.
Put Call Ratio of Index Option reduced to 1.02 as against 1.07 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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