NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
After opening with an upside gap, Nifty Future remained sideways in the early hours and thereafter it dipped to fill the gap and in the last hour, sharply moved up and once again short covering helped the bulls. The day's high, low and close were 5875, 5767, and 5871 respectively. The fact that Nifty Future closed near the top of the day, augurs well for tomorrow - at least for the opening session.
For tomorrow, one can consider going long if Nifty Future trades above 5875, with a stop loss of 5850. On the higher side, it will find trend line resistance at 5940. In the event this level is crossed, one should be ready to see the 6000 levels once again. While Nifty Future does look strong from the time it took support at 5703 yesterday, one needs to see this in context of two key results viz. Reliance & TCS, scheduled for tomorrow. In case of disappointment from any one of them may be good reason for Nifty Future to take a sharp U turn.
Short positions should be considered only below 5800 with stop loss of 5850. On the downside, it will find support at 5760 and 5700.
Put Call Ratio of Index Options increased marginally to 0.93 as against 0.90 yesterday.
Considering the high volatility these days, please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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