NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS:
LEVEL 1: 5365, LEVEL 2: 5225 and LEVEL 3: 4800
NIFTY FUTURE:
In the opening trades, Nifty Future made a new top at 5480 - just 4 points higher than previous top of 5476. There after, it maintained downward bias till mid session and once again made a new high of 5483, but could not sustain at higher levels and closed the day at 5458 - almost near the close for the previous day. Interesting part of the rise after mid session was that, though Nifty Future made a new high, Nifty spot had to contend with the high made in the opening session. This happened as the discount in Nifty Future in the first half got changed to premium over the spot - this normally happens when short positions are cut by the participants. In the last one hour, Nifty Future made a low of 5453 and closed at 5458.
Though it is too early to call a high, the day's price action does call for a cautious view at higher levels. Accordingly, I would not advise fresh long positions at higher levels. Existing long positions should be trailed with stop loss of 5440.
Short positions may be taken below 5440 with strict stop loss of 5465. At lower levels, it will find support at 5420 - 5400 and 5365. Close below 5365 should be considered bearish as tomorrow is also the last day of the week.
Put Call Ratio of Index Options increased to 1.17 as against 1.06 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
Words of Wisdom
The worst decisions, in life and markets, come from extremes: overconfidence and a lack of confidence.
No comments:
Post a Comment