NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty Future opened firm and went up in the first 30 mins. Thereafter it remained sideways for the better part of the day - only 20 points range if you take out the 1st and last 30 min bar. The high & low during the day was 5505 and 5357 respectively. It closed at 5500 - near the high of the day indicating strength. Nifty Future continues to remain within the triangle, but is now near the upper trend line and also closer to multiple resistance levels.
If today's momentum is to sustain for tomorrow, Nifty Future should clear 5525 - 5555 and 5570. It is only above 5570 one has to accept the possibility of going up to 5700 is very high. I would not advise going long in view of the multiple resistance levels mentioned above. As such in case of weakness in the opening session, one of these levels can be used as stop loss levels for going short.
Fresh short position may be created below 5480 with stop loss of 5505. On the down side, it will find support at 5465 - 5430 and 5400. Weakness will accelerate below 5375.
Put Call Ratio of Index Options remained unchanged at 1.13.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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