NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS:
Level 1: 5365, Level 2: 5225, Level 3: 4800
NIFTY FUTURE :
After opening firm, Nifty Future remained range bound and volatile thriugh the day. In the last one hour Nifty Future made a strong up move (with support from Bank & IT stocks) to make a high of 5472 and closed at 5460. While Nifty remains in strong up move above 5400, the real test should be tomorrow as it approaches the trend line (shown in the EOD chart) to test it and can go up to 5515 which is also a strong resistance level. This coupled with tomorrow being a Gann turn date (next one is now on 22nd Sept.) should be watched with interest.
In light of the above, I would advise caution at higher levels, even if Nifty breaks the previous high of 5476. Immediately above 5515 we have 5545 is also a strong resistance level. Accordingly, I would not advise fresh long positions at higher levels and existing long positions should be trailed with a stop loss of 5420. In spite of Nifty Future being in up move for the past few days, Reliance continues to remain subdued.
While it may not be prudent to go short at higher levels when Nifty Future is showing strength, as a contrarian view one can consider buying 5200 puts as Nifty Future approaches 5500 levels.
Put Call Ratio of Index Options decreased marginally to 1.06 as against 1.19 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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