NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
From Monday's trading it appears that Nifty Future does not want to go below 5000 range as weak US markets did not dampen our sentiments much. However, EOD candle does indicate weakness and the possibility of Nifty Future going down to 4900 range can not be ruled out as yet. And in case if 4900 is broken, it will find support @ 4825. From the 30 min chart, you will observe that some time needs to pass before Nifty Future can break the Trend Line for going up - shown in Blue colour.
For tomorrow, if Nifty Future crosses 5040, one can buy with stop loss of 4995. On higher side 5075, 5125 and 5155 will be resistance levels.
I expect Nifty Future to take support around 4900 - 4920 range (please refer trend line and mid point shown on 30 min chart). If Nifty Future goes down to 4900 levels one can buy after it stabilises for some time with stop loss as the low made at that time.
Put Call Ratio of Index Option has gone down to 0.92 as against 1.01 on the previous day.
With FNO settlement just round the corner, expect higher volatility, and hence do not forget to use STOP LOSS.
With Best Wishes,
Ketan Asher.
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