NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
After a firm opening yesterday, Nifty Future maintained positive bias throughout the day. During the day it made a high of 6075 and low of 6015. It closed firm at 6069 - near the high of the day and thus suggesting firm opening for today. While it is good to see Nifty Future going up as expected, the sustainability at higher levels remains suspect - without participation from Reliance and SBI. Yesterday's rise was mainly contributed by Infosys, Bharati & Hind Uniliver. Reliance has to move above 1065 to gain strength whereas SBI has to move above 2770 to gain strength. Please do not remain short in Bank Nifty Future above 11655 (Dec series).
For today, one can consider going long above 6075 with a stop loss of 6040. On the higher side it will find resistance at 6100 - 6125 and major hurdle at 6170, as shown on the EOD chart. As mentioned last week, I will continue to maintain this up move to be a pull back till Nifty Future goes up to 6210. Hence, it is advisable to take this opportunity to sell on delivery basis.
Fresh short position may be considered only below 6020 with stop loss of 6050. On the downside, it will find support at 5975 - 5940 and 5900.
Put Call Ratio of Index Options remained almost unchanged at 1.09 as against 1.11 yesterday.
Being a FNO settlement, volatility will be higher and hence please do not trade without keeping a STOP LOSS.
With Best Wishes,
Ketan Asher.
No comments:
Post a Comment