NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading Nifty Future opend weak on the back of global cues and hovered around 5200 levels for sometime. But in the second half of the day fell by over 100 points and closed weak near the low of the day. Today's fall, though sharp has to be seen in context with narrow trading range for the past two weeks and was mainly triggered by L & T and PSU stocks due to certain announcements.
In today's trading Nifty Future opend weak on the back of global cues and hovered around 5200 levels for sometime. But in the second half of the day fell by over 100 points and closed weak near the low of the day. Today's fall, though sharp has to be seen in context with narrow trading range for the past two weeks and was mainly triggered by L & T and PSU stocks due to certain announcements.
While weak opening tomorrow is a forgone conclusion, Nifty future can find support near 5040 levels. If it does not hold this level, it can go down to 4970 levels.
For tomorrow, i would suggest that new fresh short position should be created below 5040 with stop loss of 5075, or if it opens higher, short position should be taken at 5125 with stop loss of 5150.
I believe, that chances of Nifty Future taking support around 4970 levels are high and hence if it takes support at this level, one can consider buying above 5000 with stop loss as the low made around 4970.
Please note that tomorrow, Reliance is scheduled to declare its results (although normally after market hours) and that can give the required reason for market to turn around.
Put Call Ratio of Index options remained @ 1.15 as against 1.16 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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