Nifty Future moved in a very narrow band with a gain of 30 points from the previous close yesterday.The India VIX lost 5.96% to close at 11.59 indicating the market participants are very confident and optimistic about the bullishness in the market.The FII’S sold Rs.1306.76 of it signaling their bearish view in Nifty future.
Technically Nifty future has a minor resistance at 10296 and a strong resistance at 10335-10377 region which it could reach by the end of this settlement.
The day traders can buy it above 10220 with a stop loss of 10179 for a target of 10296 & 10334. Avoid trading if it opens far away from the stop loss.
I am aware of the fact that there will be a huge gap-up opening today.The Risk to Reward ratio doesn’t permit me to take any new positional position today. I suggest the closing of a long position in it around 10350-10375 region.
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