NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS
LEVEL 1: 5365, LEVEL 2: 5225 & LEVEL 3; 4800
NIFTY FUTURE :
As a result of breaking outside the Rising Wedge yesterday and the fact that US markets closed weak, Nifty Future opened with a gap and made a low of 5363 (very near to the critical level of 5365 mentioned for some time now) in the opening session. On the back of SBI making a new 52 week high after the declaration of result, Nifty Future managed to fill the gap made in the opening session and made a high of 5432 and closed at 5420.
Inspite of sharp pull back during the day and closing as a bullish candle, one should not give much credence to this, as breadth of the market remained negative and Nifty Future continued to make one more lower bottom/lower top for the day.
For tomorrow. I would not advise long positions.
One can continue the short position with stop loss of 5450. In case market is able to cross this level, Nifty Future can come up to 5490 level to test the trend line and once again turn down after making a double top. I would give very low probability for this to happen.
On the down side, it will find support at 5365 and if this level is broken, it will go down to 5300.
Put Call Ratio of Index Options almost remained unchanged to 1.11 as against 1.12 yesterday.
Put Call Ratio of Index Options almost remained unchanged to 1.11 as against 1.12 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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