NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
As expected, Nifty Future had a strong opening but thereafter, remained sideways throughout the day. However, once again gave a strong close and thereby suggesting a strong opening session tomorrow. To highlight the significance of the 'simple trading idea', I would like to draw your attention that today's high of 6039 was almost on the dot at the midpoint of last swing (6349+5727)/2= 6038.
Considering the strength today, as Nifty Future had a pullback only to fill the gap left in the opening session there is every possibility that Nifty Future will cross this hurdle to reach the top of 6100 which will be the more difficult one to cross. We had a 4th day rally from the recent bottom of 5727. In view of the same, I would not advise fresh long position and instead suggest that those who have risk taking capacity may go short near 6100 levels with a strict stop loss of 6135 or safer still sell 6100 or 6200 Call Option.
Those who want to play safe can sell only below 6000 with a Stop Loss of 6040. On the down side, it will find support at 5975 - 5940 and strong support at 5885.
One needs to be cautious at higher levels, considering the one way rally for the past 4 days, as well as the strong resistance 6100 level could provide.
Put Call Ratio of Index Options increased to 1.23 as against 1.06 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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