NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading market opened weak and made lower bottom and lower top on 30 min charts, for better part of the day. The way it fell in the last one hour, it appears that bull liquidation should be near its end with tomorrow being the FNO settlement day. I had indicated yesterday that 4825 is likely to be tested, but not knowing that the same will be acheived today itself.
Tomorrow, if Nifty Future opens near today's close, one can consider buying above 4870 with stop loss as 4830. On the way up, it will find resistance at 4900 - 4935 and 4950 levels.
Alternatively, if Nifty Future breaks 4800 levels, one can consider buying Nifty Future after it stabilises near 4750 levels - where it will find Trend Line support as shown in EOD chart. On the way up it will find resistance at 4830 - 4900 - 4935 and 4950 levels.
As the oscillators are in oversold region, i will not advise going short at these levels. It will be better to consider buying Nifty Future after it stabilises at the levels given above.
Put Call Ratio of Index options remained unchanged at 0.92 levels.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
PS: Those following (and there are quite a few) the simple idea given in TP Grid would have got the sell signal when Nifty future went below 5225.
Many items are close to testing the 52 week mid-point given in C. Please note that this will act as a good support and delivery based buying can be considered with suitable stop loss.
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