NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS:
LEVEL 1: 5400, LEVEL 2: 5225, LEVEL 3: 4800
NIFTY FUTURE:
In today's trading Nifty future opened near yesterday's level and for the better part of the day remained choppy and traded at discount to the spot. In the last one hour, once it moved above 5450 it had a Sharp up move - In my view mainly due to short covering and discount turning to premium. It is pertinent to note that today, Nifty Future made a new high - 5494, but Nifty spot (5488) did not make a new high.
In this context, I would like to draw your attention, that on 9th Aug (when previous top was made) Nifty Spot made 5492 where as Nifty Future remained at 5489.
Though we have made a new high today, I would continue to remain cautious as we have trend line as a hurdle at 5514. Moreover, level of 5545 referred by me till last week, can also be a major hurdle. In light of the above, I would not advise long position at higher levels. Moreover, we are close to the upper end of the channel which is at about 5600. At higher levels, I would take the opportunity to sell on delivery basis and be liquid to take advantage of buying on steep corrections. To sum up, at higher levels Nifty Future will find resistance at 5515 - 5545 and 5570.
Though we have made a new high today, I would continue to remain cautious as we have trend line as a hurdle at 5514. Moreover, level of 5545 referred by me till last week, can also be a major hurdle. In light of the above, I would not advise long position at higher levels. Moreover, we are close to the upper end of the channel which is at about 5600. At higher levels, I would take the opportunity to sell on delivery basis and be liquid to take advantage of buying on steep corrections. To sum up, at higher levels Nifty Future will find resistance at 5515 - 5545 and 5570.
Short positions may be taken below 5440 with stop loss of 5460. On down side 5400 - 5365 and 5320 will provide support.
Put Call Ratio of Nifty Future remained marginally lower at 1.26 as against 1.36 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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