NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future opened firm and made a high of 5584 in the early trades but gave up all the gains to make the day's low of 5502. Thereafter it once again went up to the day's high but could not muster the strength to Peirce this level decisively and closed the day at 5559. The positive feature of the day's trading was that, once again Nifty Future made a higher bottom / higher top - suggesting strength. Secondly, Nifty Future did not go below 5500 level.
Today's close on the EOD chart does suggest (so do the US markets) strong opening tomorrow. Existing long positions should be trailed with a stop loss of 5540. Fresh long positions may also be taken with stop loss of 5540. Today's setup does leave hopes of Nifty Future making 5700 (once it is able to cross 5620) before continuing the downward trend. On the higher side, 5620 - 5675 and 5700 will provide resistance.
Once again, I will continue to advise going short only below 5500 with stop loss of 5555. On the down side it will find support at 5420 and 5393. It is not advisable to remain long below 5500.
Put Call Ratio of Index Options remained almost the same at 0.81 as against 0.80 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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