NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading Nifty Future opened with a downside gap and traded listless till the opening time of Euorpean markets. With those markets trading lower, Nifty Future dropped below 4850 and made a low of 4786. I would like to highlight, that in the last 9 trading sessions we have seen a high of 5218 and today's low of 4786 (433 points - over 8 %) without any India specific negative reasons.
For the past few sessions, Nifty Future has been braking variuos supports as the Global markets continue to remain weak. As can be seen on the EOD chart, we have once again taken support at an important level. However, as we are now living in a Global village, we may be affected if US markets close lower today. We may open weak tomorrow and find support at 4725 - 4680 and 4650 (highlighted on the EOD chart). I would not advise going short at these levels, as the markets are quite oversold and pullback can be equally sharp. Instead one can buy at lower levels in cash market or buy Nifty 5000 Call Option for June '10.
Put Call Ratio of Index Options is at 1.07 as against 1.01 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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