NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty Future opened weak with a freak trade of Open = Low = 5393 and remained just below 5800 and sideways till about mid session. In the second half it gained strength (once again helped by short cutting) and made the day's high of 5908 and closed the day @ 5887 - near the high of the day. In spite of a sharp rise - from the day's low, we continued with lower top and lower bottom for one more day.
For tomorrow, one can consider going long with stop loss of 5850. On the higher side, it will find resistance at 5920. It is not advisable to remain short, once 5941 is crossed, as in all likely hood it will achieve the target of 6000 (given on 5.4.2011 when Nifty Future made open = high = 6000).
Though Reliance and Infosys appear weak, considering the way the market shot up from the day's low today, it is better not to go short unless Nifty Future trades below 5800.
Put Call Ratio of Index Options decreased to 0.96 as against 1.07 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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