NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading Nifty Future continued to drift downwards to make the day's low of 5329 (High of 5374). Interestingly, it has taken support on the trend line (in Green) on the EOD chart . Nifty Future closed today at 5349 - marginally above the days' low and thus keeping my hopes alive that it will close better tomorrow being FNO settlement day. On the 30 min chart you will observe that it is ready to cut the trend line (in Blue) on the up side.
For tomorrow, I would suggest going long above 5360 with stop loss of 5325. On the higher side, it will face resistance at 5385 - 5420 and if it manages to cross this level it could go to 5475. In view of my positive bias for a bounce from this trend line support, I would not advise going short at lower levels.
Put Call Ratio of Index Options increased marginally to 0.85 as against 0.81 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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