NIFTY FUTURE EOD / NIFTY FUTURE 30 MIN
NIFTY FUTURE:
In Friday's trading, Nifty Future opened with a down side gap to make a low of 4851 - an important support of pitchfork being shown on the chart for the past few days. Thereafter, Nifty Future continued to go up steadily and after some choppyness in the mid session made a high of 4944 and closed at 4928. While Nifty Future has taken support at the expected level, it does not seem to be out of danger unless it manages to cross above 4980.
For tomorrow, one can consider going long if Nifty Future remains above 4900 with stop loss of 4875. On higher side, it will find resistance at 4950 - 4980 and 5050 which could be a strong resistance area. It is advisable not to remain short above 5050.
Fresh short position may be taken up only below 4850.
Put Call Ratio of Index Options decreased to 0.96 as against 1.13 on the previous day.
We are now getting into last week of FNO settlement and volatility could be higher, hence please do not trade without STOP LOSS.
Wit Best Wishes,
Ketan Asher.
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