NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In Friday's trading, Nifty Future opened weak and after announcement of RBI Credit Policy, due to sudden sell off made a low of 4757 and thereafter quickly recovered by about 132 points to make a high of 4889 and closed @ 4875. In my post for Friday's trading i had mentioned about remote possibility of testing 4750, which has happened although as a sudden spike. Having taken the support at a trend line market seems to have completed the correction but in light of global weakness, possibility of retesting 4750 levels can not be ruled out. Moreover, remote possibility of breaking this low can not be ruled out as of now. In such an event 4600 can be tested where it will find support of 200 DMA and 50% retracement level too.
For tomorrow, one can go long with strict stop loss of 4840. Nifty Future will find resistance at 4920 - 4965 and 5000. Nifty future will show strength only above 5030.
In the event of Nifty future retracing after making a top around 4920, one can short below the day's open with a stop loss of top made around 4920. On its way down it will find support at 4840 and below which weakness will accelerate and with possibility of retesting 4750 becoming very high.
Put Call Ratio of Index options decreased to 0.92 as against 1.00 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
No comments:
Post a Comment