NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In view of the increase in Gas prices by the Govt. ONGC opened strong which took the market to a high of 4970 but thereafter remained range bound and once again made an attempt to go up, but could not go higher than 4977 and closed lower at 4941. Today's EOD candle and the fact that Nifty Future could not go up to 5000 levels, confirms that more down side is left.
Considering the US markets at the time of writing, it is likely that we will have weak opening. It will be better to go short below 4900 with stop loss of 4940. On the down side, it will have support at 4850 - 4765 and 4725 as shown on the 30 min chart. It is advisable to wait for market to settle down before considering to go long in Nifty Future. It will be safer to use this opportunity to make delivery based buying or as suggested yesterday - consider buying 5000 Call Option for June expiry, when Nifty Future hits lower levels.
Put Call Ratio of Index Options increased to 1.13 as against 0.93 yesterday.
Below 4850, weakness in Nifty Future will accelerate, hence please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
PS: Regret the delay in uploading this post.
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