NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
After a firm opening, Nifty Future remained volatile but maintained upward bias. The best part was that it made a higher bottom / higher top and thus confirming my optimism that Nifty Future will move up. The day's high was at 4973 and low was at 4865. It finally closed the day at 4947.
Considering the up move in US/European markets, we can expect a firm opening tomorrow. Long position may be taken with a stop loss of 4890. On the higher side, it will find strong resistance around 5040 levels. In case this level is crossed it will find hurdle at 5100 level.
I would like to caution here that in the unlikely event of Nifty Future moving below 4850, one can consider going short with stop loss of 4900, as Nifty Future can go to make a new low to test 4750.
Put Call Ratio of Index Options remained almost unchanged at 0.93 as against 0.91 yesterday.
In view of the FNO Settlement scheduled for Thursday, volatililty will be high and hence don't forget to put STOP LOSS.
With Best Wishes,
Ketan Asher.
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