NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future opened steady and made a big move up to a high of 5342. The rally could not sustain and in the last hour gave up major gains with even Adv/Dec turning marginally negative in the end. The EOD candle doesn't give much hope for continuation of the up move tomorrow. Those learning TA will find it interesting to see on the 30 min chart how the trend line has acted as a perfect level for today's high.
One can consider going short below 5200 with stop loss of 5235. On the way down it will find support at 5165 - previous low and next support at 5110.
Considering the steepness of last hour fall, it is advisable not to venture out long positions in a hurry as break of 5110 can take down Nifty Future to 5000 levels, real fast.
Put Call Ratio of Index Options decreased to 0.97 as against 1.07 yesterday.
Tomorrow is also Reliance Results day and volatility can be expected to be higher due to the FNO settlement next week, so please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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