NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading we had a firm opening of Nifty Future and after inital hesitation and making the day's low of 5696, went up to make the day's high of 5760 and there after retraced most of the gains and finally closed at 5740. The up move was largely influenced by Banking sector, Infosys and ONGC, whereas Reliance remained a drag on Nifty Future.
Interestingly, Nifty Future is poised in such a way that tomorrow, it can move either way, depending on the market participants' response to the much awaited RBI credit policy announcements. While referring to Banking sector, I must add that 11325 remains a major hurdle for Bank Nifty Future and much will depend on the the impact of the RBI policy announcements for crossing this level.
Considering today's close, we can expect Nifty Future to open firm, but I would continue to advise, that long position should be considered only after Nifty Future starts moving above 5760 with a stop loss of 5725. On the higher side, we have resistance at 5800 and 5850, which may end up to be much harder to cross than 5760. One needs to be careful of 5800 level, as Nifty Future can take a sharp U turn form this level - more so with Wednesday being a public holiday and Thursday being an FNO settlement day. As such, with Reliance not participating today, sustained rise in Nifty Future becomes a difficult proposition.
Short positions may be considered only below 5700, with stop loss of 5740. On the down side 5665 and 5630 will provide support and the fall will accelerate below 5600.
Put Call Ratio of Index Options remained almost unchanged at 0.86 as against 0.89 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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