NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD NIFTY FUTURE :
Wednesday's trading opened with a downside gap when Nifty Future made a low of 5751 and bounced back with vengeance (for no apparent reason) to make the day's high at 5948 and closed the day firm at 5938. On the EOD chart you will find that we are now close to the trend line which provided resistance last week @ 6000. If you recall, this level was reached in the opening session when Nifty Future made Open = High = 6000. For Nifty Future to gain further momentum, it has to cross this level of 6000.
Tomorrow, before the market opens, Infosys results would be known and much will depend on the results. There is additional risk in going long at current levels as Nifty Future will find further up move only if it manages to stay above 6000.
Considering the strength displayed by the market (for whatever reasons) it does not make sense to go short unless Nifty Future displays weakness. I would consider the first sing of weakness only when Nifty Future trades below 5835. If this happens one can go short with stop loss of 5875. On the down side, it will find support at 5800 and 5750 (important levels on the Monthly and weekly chart as mentioned earlier).
Put Call Ratio of Index Options decreased to 0.95 as against 1.02 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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