NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
As expected, Nifty Future closed firm on last Thursday. During the day, it made a low of 5863 and in last one hour made a sharp up move to make a high of 5980 and closed at 5967. As the close has been near the top of the week, we can expect the market to open firm on Monday.
One can consider going long with stop loss of 5920. On the higher side it will find resistance at 5985 - 6035 and final major hurdle at 6125. It will gain strength, once it moves above 6035. It is not advisable to remain short above 6035.
For tomorrow, it is advisable to consider taking short position only below 5850 with stop loss of 5890. On the down side, it will find support at 5850 and below this level weakness will accelerate as the next major support ( and the last one at that) will be 5725.
Considering the strong close and the fact that we are approaching the FNO settlement and also the end of the year, it will be better to maintain upward bias and consider short positions below 5850 only. However, if weakness is observed at higher levels near 6100, one can consider going short with strict stop loss of 6125.
Please note that Infosys is already strong (made a new 52 week high on Thursday) and now if we Reliance remains above 1065, it can help Nifty Future to test the previous high of 6349.
Put Call Ratio of Index Options decreased to 0.93 as against 1.20 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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