NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS:
Level 1 : 5365, Level 2: 5225 and Level 3: 4800
NIFTY FUTURE :
In today's trading, Nifty Future opened firm and maintained upward bias throughout the day, with support from banking and fmcg stocks. In the last hour, it made a high of 5442 and closed strong at 5434. Considering the way US markets are trading at the time of writing, it is likely that we will have a strong opening tomorrow.
I would like to remind the readers that tomorrow is an important date (followed by 5th Aug as Gann turn date) as shown on the EOD chart. Considering the divergences on the nifty and key stocks (read Infosys), it is advisable to sell stocks on delivery basis, near 5545 levels which can turn out to be a strong resistance level. Reliance continued to disappoint even today. The only good part is that it has not yet broken 1000 level.
For tomorrow, one can consider going long with stop loss of 5400. On higher side it will face resistance at 5480 - 5515 and strong resistance at 5545. Considering the strength in the market, short positions should be avoided until market shows some sign of weakness. Those willing to take a contrarian view can do well to buy some 5200 puts as Nifty Future approaches 5500 level.
Put Call Ratio of Index options increased to 1.11 as against 1.03 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
Words of Wisdom
All trends and cycles come to an end. Who anticipates the future, profits.
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