NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
One more day with just 39 points range (High 5535 & Low 5496) and closed the day at 5516. With front line stocks like Reliance, Tata Motors, SBI etc. getting weak, even up move in US/European markets may not be of much help.
On the 30 min chart you will observe how Nifty Future remained below the trend line (in Blue) for better part of the day. The only positive that the market offered today was the fact that after a gap of few days Nifty Future formed a higher top / higher bottom.
Short position may be taken below 5470 with a stop loss of 5500. On the down side, it will find support at 5420 and 5365.
On the higher side, 5555 level continues to offer strong resistance. If it is crossed, we may see 5600.
In my view, it is better to be on the side lines till Nifty Future shows a clear direction when it comes out of the triangle formation (in magentagetting formed on the EOD chart. May be the RBI Credit policy on Thursday, may provide the necessary direction to the market.
Put Call Ratio of Index Options remained almost unchanged at 0.90 as against 0.95 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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