NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In the initial trades, Nifty Future made a high of 5909 but thereafter maintained a downward bias. The initial up move was largely supported by rise in IT stocks led by Infosys.
After many months, we have a FNO settlement which was on a lower side. The good part of the fall is that we are now close to the pattern target of 5750 while the not so good part of the fall is that it closed below the trend line support on EOD chart. There being multiple support at 5750 - 5725 region - I believe, bounce seems imminent and hence will not advise going short at these levels. Bank Nifty too is at a key support from which bounce is possible. While I expect support at these levels, big up move is possible only if Nifty Future is able to cross 6000 and more importantly 6100. Till then, I would consider the up move as mere pull back. Just a word of caution - in the event market goes below 5700, the next major support area is 5550.
As indicated above, tomorrow one can consider going long around 5750 levels with stop loss of 5700. On higher side, it will find resistance at 5850 and 5885. Please do not remain short above 5925. Avoid going short at lower levels.
Put Call Ratio of Index Options declined to 1.05 as against 1.11 yesterday.
Please do not trade with out STOP LOSS.
With Best Wishes,
Ketan Asher.
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