NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD NIFTY FUTURE :
In today's trading, Nifty Future opened with 6000 as Open = High and there after maintained downward bias to make the day's low at 5872. In the second half, it made an attempt to move up and closed at 5933 and leaving lower shadow on the EOD candle - thus leaving the possibility of further rise. Though the close for the day is negative as compared to the open, we must not forget that today was the 11th day when Nifty Future has not broken low of the previous day. Though Nifty Future looks stretched, it does indicate the strength in the market.
Having made the high today at 6000 and that too at the trend line resistance, one needs to be cautious at higher levels, until Nifty Future is decisively able to cross the 6000 levels and also the trend line on the EOD chart.
For tomorrow, one can consider going short below 5900 with stop loss of 5940. On the downside, it will find support at 5865 and 5840. Weakness will accelerate below 5840.
Fresh long position may be avoided as I am not too sure about the Nifty Future being able to cross 6000 level - trend line resistance, at least in the first attempt.
Put Call Ratio of Index Options remained almost unchanged at 1.12 as against 1.15 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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