NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty Future opened strong and remained sideways above 5500 levels. The day's low was at 5467 and high was at 5548. It closed the day strong at 5536. As expected, it filled the gap left in the opening session yesterday.
Existing short positions should be maintained with a stop loss of 5555 or 5570. Once above this level, it will retest the previous level of 5610. Further up, it will find hurdle at 5670 (200 day SMA). Considering that today's close is near the high of the day, this possibility cannot be ruled out.
Fresh long position can be considered above 5555 or 5570 as once above this level, it can go up to 5670, as indicated by the flag pattern on the 30 min chart.
Fresh short position should be taken only below 5490 with a stop loss of 5530. On the down side it will find support at 5470 and 5420.
Put Call Ratio of Index Options increased to 1.02 as against 0.94 yesterday.
Please do not trade without STOP LOSS. Specially, long positions created at higher level must be taken with strict stop loss, in case the market reverses.
With Best Wishes,
Ketan Asher.
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