NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
After subdued opening, Nifty Future maintained downward bias and made a low of 6083. Although it made a new low, it did not lead to much weakness and Nifty Future closed the day @ 6119. Nifty Future continued to trade with a premium of Rs. 25 through out the day - indicating bullishness. This coupled with buying at support levels indicates that bull grip continues.. The day's trading was largely influenced by lower IIP numbers - which has been the first dampening news, in an otherwise care free party.
Considering that Nifty Future is not breaking below 6100 decisively, we can see one more attempt by the bulls to dominate. At higher levels Nifty Future will find resistance at 6140 and 6150 area. There after 6225 will be a major hurdle.
While it may be tempting to go long once Nifty Future crosses above 6150, but it would be advisable to avoid long positions and instead go short at higher levels with strict stop loss of 6250.
Put Call Ratio of Index Options decreased to 1.05 as against yesterday's level of 1.21.
Please do not trade without STOP LOSS.
With best Wishes,
Ketan Asher.
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