NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
On the back of weak global clues, Nifty Future opened with a gap to make a low of 5053 in early trades and remained sideways for major part of the day. In the last one hour it moved up mainly due to short covering, and managed to fill the gap. The EOD chart does not suggest that the worst is over yet. Please also refer to 30 min chart to appreciate how the market moved during the day.
For tomorrow, one can go short below 5090 with stop loss of 5120. Alternatively if Nifty Future opens firm one can consider going short near 5165 with stop loss of 5200.
On lower levels Nifty Future will find support at 5030 and 4945.
As indicated yesterday, 4945 level is a 200 DMA and also a 0.618 level of correction as shown in EOD chart and hence a good possibilty for market to make a bottom in the coming days.
Put Call Ratio of Index Options increased to 1.16 as against 0.94 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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