NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In Friday's trading Nifty Future opened weak and made a low of 4946 and then sharply moved up, to make day's high of 5074 and closed at 5020.
Considering Friday's close and sharp fall in US markets, it is quite likely that we may have a weak opening. Nifty Future can go down to 4900-4920 range which should provide support. While World markets are in correction mode, we must remember that good results from Reliance and Maruti will also have a positive effect on our markets.
On the 30 min chart you will obsereve that Nifty future has to spend some time before it cuts the trend line (shown in Blue) for going up. I expect Nifty Future to take support at 4900-4920 range and if market stabilises in that region one can buy with that low as a Stop Loss.
On the way up it will find resistance at 5010 - 5050 and 5100.
Put Call Ratio of Index Options has gone down to 1.01 as against 1.15 on the previous trading day.
With 26th Jan (Tuesday) being a holiday, we have only 4 trading session before FNO Settlement and this will lead to higher volatility, so please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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