NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In yesterday's trading, Nifty Future opened weak and maintained downward bias. Strength reflected by Reliance for better part of the day saved the situation to some extent. Ultimately Nifty Future managed to fill the gap at 6105. The days' range was 6151 and 6087 and close at 6104. Bank stocks continued to be hammered and can see up move only if it manages to stay above 11400 today.
For today, one can consider going long above 6125 with initial stop loss below 6085. On higher side, it will find resistance at 6150 - 6170 and 6200. Better not to remain short above 6150.
In case of a weak opening (looks unlikely looking at yesterday's candle and firm US markets) 6050 could provide support and as mentioned in yesterday's post, one can consider going long with a stop loss of 6030.
Short positions should be avoided today.
Put Call Ratio of Index Options remained unchanged at 1.11.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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