NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty maintained a downward bias till about mid session and made a low of 5956 and in the second half managed to show gains and made the day's high of 6022 and closed the day at 6010. With US markets performing well and considering good close for the day, we can safely expect a firm opening tomorrow and once again reviving hopes for continuation of the up move. For the second day in a row, Bank stocks remained weak and closed at the lower end of the day and lost over 6% in two days. 11655 may be used as a reference point for considering upside above it and further downside below it.
For tomorrow, while up move seems certain, one needs to be very cautious on the long positions as 6100 can once again be a hurdle and hence any long positions should be taken with that level as a reference point till it is breached on the closing basis, However, as a matter of abundant caution, short positions should keep a stop loss of 6040.
Short positions should be taken at higher levels with a stop loss of 6110. On the down side, it will find support at 5950 - 5910 - 5885 and key support at 5850 below which the fall will accelerate. In case of a weak opening, 6040 can be used as a stop loss for short positions.
Put Call Ratio of Index options marginally increased to 1.18 as against 1.07 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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