Nifty Future:
In today's trading, Nifty Future opened weak and went down to make the day's low of 5477 and immediately thereafter (in less than an hour) made the day's high at 5598. In the second half, it once again it wiped out all the gains and closed the day at 5545. The day's candle would look like a doji suggesting indecision. The fact that Nifty Future made a new high - thus making higher top and higher bottom, the bias remains positive. Moreover, today's price bar remains above the trend line on the EOD chart indicates that we had a pause, in view of the sharp rise on the previous trading day.
For tomorrow, one can consider going long with a 5525. On the higher side, it will face resistance at 5600 - 5640 and 5675. As mentioned yesterday, we are now entering a strong resistance area hence any buy position should be taken with a tight stop loss.
Short positions may be considered at higher levels with strict stop loss as the next higher level indicated above. On the lower side, Nifty Future will get weak below 5485 with support at 5450 and 5420.
Put Call Ratio of Index Options decreased marginally to 1.01 as against 1.08 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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