NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty Future opened firm and maintained upward bias through out the day. Nifty Future made low of 5616, high of 5710 and closed at 5691. At today's high, Nifty Future has touched the Trend Line on the weekly chart whereas on the EOD chart we will have the trend line resistance at 5750 - very close to the previous high of 5760.
While Nifty Future has moved up today - contrary to my expectation, but I retain my advise of not going long at higher levels as markets could turn volatile with Credit Policy announcement scheduled for tomorrow. Moreover, international markets too are uncertain and hence caution is advised at higher levels.
For tomorrow, short position may be considered below 5660 with stop loss of 5710. On the lower side, it will find support at 5620-30. Below this level, fall can be fast.
On the higher side, 5760 (previous top) will act as a resistance and hence can be used as a stop loss level too.
Put Call Ratio of Index Options increased to 0.99 as against 0.93 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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