NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
Finally Nifty Future saw a good up side after opening on a strong note. On the 30 min chart it maintained higher bottom / higher top. During the day, it made a high of 4948 and low of 4802. It closed firm at 4933. It is intresting to note that despite the strength shown today, Nifty Future could not cross the trend line on the EOD chart.
For the up move to continue tomorrow, it has to cross 4965. Moreover, it will face strong resistance at 5000 level. Fresh long position may be taken with strict stop loss of 4875. Secondly, if Nifty Future remains below 4900, it would remain below the Trend Line on the EOD chart, which would cap the uo move - particulraly in light of the 2 day holiday on Wdnesday and Thursday.
Short position may be taken when Nifty Future reaches around 5000 level with strict stop loss of 5050. The fall will accelerate below 4875 and Nifty Future can go down to 4800 level.
Put Call Ratio of Index Options was at 1.10.
Please do not trade with out STOP LOSS.
With Best Wishes,
Ketan Asher.
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