NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In sympathy with weak US markets, Nifty Future opened weak, but immediately went above 4850 and remained sideways and listless for better part of the day with virtually no effect on account of the Railway Budget proposals. During the later part of the day, it made an attempt to go higher but could not go beyond 4884 and closed the day at 4862. On the EOD chart you will observe that Nifty Future has taken support on the Trend Line, such that with a little push. it can fall off the Trend Line. Current market movement is a nightmare for day traders but a boon to option writers.
In sympathy with weak US markets, Nifty Future opened weak, but immediately went above 4850 and remained sideways and listless for better part of the day with virtually no effect on account of the Railway Budget proposals. During the later part of the day, it made an attempt to go higher but could not go beyond 4884 and closed the day at 4862. On the EOD chart you will observe that Nifty Future has taken support on the Trend Line, such that with a little push. it can fall off the Trend Line. Current market movement is a nightmare for day traders but a boon to option writers.
Of the two major events for this week, we have one scheduled for tomorrow and that is the end of the FNO settlement. For tomorrow, i will continue to suggest positive bias above 4850 and hope that it will break out of the narrow range tomorrow. On higher side it will face resistance at 4920, 4985 and 5010.
Weakness will accelerate only below 4800, hence going short should be considered only below this level with stop loss of 4850.
Put Call Ratio of Index options increased to 0.98 as against 0.86 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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