NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS:
LEVEL 1: 5400, LEVEL 2: 5225 & LEVEL 3: 5100.
NIFTY FUTURE:
It remained one more day of narrow range (28 points, with High of 5543 and low of 5515) trading with not much happening. The close for the day being near the high of the day it gives the impression that we may go up to the upper end of the channel -5600, shown on the EOD chart although my target of 5545 is almost achieved.
As I continue to believe that 5600 - the upper channel may act as resistance, I do not advise fresh long position at higher levels. Existing long position may be trailed with stop loss of 5475.
Short position may be taken below 5500 with stop loss of 5545. On the down side it will find support at 5455 and 5420. Though I feel that market may come down to correct, particularly as World markets are trading weak, please do not sell unless the levels given here are broken on the downside, as Nifty Future may continue to hold in view of the FNO settlement on Thursday. Moreover, we have yet to find support from Reliance which has been under performing the Nifty Future.
Put Call Ratio of Index options significantly increased to 1.62 as against 1.33 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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