NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
As expected Nifty Future opened weak and moved in a narrow range during the 1st half of the day. In the 2nd half of the day, Nifty Future fell to a low of 5017 and closed at 5031. Banking sector was a major looser for the day.
In view of the close being near the low of the day, it is likely that we will have a weak opening tomorrow. It must be noted that Nifty has multiple support in the form of Trend Line and achieving of Triangle Target near 4985 region. Hence, for those who are short today, may do well to cover the short position at these levels as Nifty Future may have a dead cat bounce which may take it to 5100 levels.
For tomorrow one can consider buying Nifty Future for intra day trade if it trades above 5025 with Stop Loss as day's low. At higher levels, Nifty Future will find resistance at 5075 - 5090 and 5110. Expect tomorrow to be a wide range day and hence please do not forget to use STOP LOSS. Nifty Future can be sold near 5100 levels with stop loss of 5150.
Although, Nifty Future is looking weak on charts, it is not getting reflected in the Put Call Ratio of Index Options at 1.05 as against 1 yesterday. This is in stark contrast to the beginning of the month when PCR was above 1.25 consistently.
With Best Wishes,
Ketan Asher.
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