NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
After a stable opening Nifty Future saw a sustained rise through out the day, and crossed the previous high to make a new high at 6281 and closed at 6274 - near the high of the day. The rise was led by Infosys, Relaince, SBI and many front line stocks. With strong US markets, strong opening tomorrow is a forgone conclusion.
Tomorrow, on higher side, Nifty Future will face resistance at 6320, 6360 and major resistance at 6400. Normally, previous top is a good level for the market to take a pause and retrace, but considering the overall bullishness, I will not be surprised if conventional wisdom is kept aside - even if temporarily. Just the way Nifty Future went up today by over 2%, even after lower IIP numbers were declared yesterday. With quarterly results season on, we have to see whether this provides further fuel to the fire or punctures the rally - only time can tell.
Nifty Future will get weak only when it trades below previous high of 6250, and short position should be taken with stop loss of the new high.
Put Call Ratio of Index Options reduced to 0.96 as against 1.04 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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