NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS:
LEVEL 1: 5400, LEVEL 2: 5225, LEVEL 3: 5100
NIFTY FUTURE :
After opening with a gap Nifty remained sideways and came down to fill the gap left in the opening session. In the last 2 hours it continued to make higher bottom/higher top and made a high of 5488 and closed near the top at 5478. Considering the up move in the US markets, there is a good possibility of the up move to continue tomorrow.
While there is no denying that we had a sharp up move today and we are decisively back inside the channel, we must remember that the up move was with lower volume compared to yesterday - when we saw recovery after a sharp decline. Moreover, the oscillators are still indicating negative bias hence caution is advised at higher levels, as we could just do a double top at 5545 and reverse again.
For tomorrow, I would not advise to buy on a gap open. However, if there is a pull back up to 5445, one can consider going long with a strict stop loss of 5415. On higher side, we will have resistance at 5490 and 5520.
Fresh short position should be considered only below 5400.
Put Call Ratio of Index Options increased to 1.22 as against 1.15 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher,
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