NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
One more day with a narrow range - only 31 points with high of 6028 and low of 5997. Just 97 points trading range for the past 6 trading days. It seems that 6035 level - mid point of 6349 & 5727 is turning out to be a difficult level to cross. On one hand IT stocks are supporting the Nifty, whereas Bank stocks (mainly SBI) & Reliance are pulling the Nifty down.
For tomorrow, I would continue to maintain that long positions should be taken only if Nifty Future is able to cross above 6040 with a stop loss of 6000. On the up side it will find resistance at 6100 and 6125. Please note that we are just 2 days away from FNO settlement, hence it is not advisable to remain short above 6045.
Fresh Short position should be considered only below 5980 with stop loss of 6000. On the down side it will find support at 5940 and 5900.
Put Call Ratio of Index Options decreased to 1.11 as against 1.22 yesterday.
Either side move could be sharp, hence please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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