NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today' s trading, Nifty Future opened firm and maintained upward bias throughout the day, with last hour showing strength - may be due to short cutting. During the day, Nifty Future made a low of 5448 and high of 5562 in the last 30 min and closed the day at 5555. We are now near the upper end of the range and hence caution is advisable for long positions. In case today's momentum is maintained tomorrow, we have resistances starting from 5570 - 5610 - 5650 and the most important one being 5700.
As all the World markets are trading down, it is unlikely that we will have a contrary situation for long. In view of the same, it is better to avoid fresh long positions at higher levels. On the contrary, those who have bought shares in cash market, would do well to sell the shares, so that the same can be bought at lower levels.
Short positions should be considered below 5490, with stop loss of 5525. On the down side, it will have support at 5420 and key support at 5375. Alternatively, higher levels given above may be considered as stop loss for going short.
Put Call Ratio of Index Options decreased to 1.08 as against 1.13 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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