NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
!!Ganpati Bappa Morya!!
Last Tuesday's trading remained volatile with Nifty Future making the day's low at 4924 but ended the day strong with a close of 5003 after making the day's high of 5022. Tuesday's price movement remianed above the trend line shown on the EOD chart. Though this augurs well for the market, but I would not call this as final bottom as we have neither made higher bottom nor made a double bottom (on EOD chart) to confirm that the worst is over. Simply put, caution remains the watch word even if we go up to 5200.
For tomorrow one can consider going long with stop loss of 4920. On the higher side, Nifty Future will find resistance at 5050 and 5100. I doubt if Nifty Future can cross the resistance level of 5075-5100 in the first attempt. One can consider going short at higher level with stop loss of about 50 points. On the down side, break of 5920 will lead to weakness which can take market to 4865 and below that it can test the previous low.
Put Call Ratio of Index Options decreased to 1.03 as against 1.10 on the previous trading day,
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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