NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS:
LEVEL 1: 5350, LEVEL 2: 5225, LEVEL 3: 5100
NIFTY FUTURE:
In Friday's trading Nifty Future maintained narrow range of 30 points. In the current series it made a top of 5537 where as in the Sept series it made a top of 5544. You will find on the chart that I have marked 64, as Monday will be the 64th trading day from the previous bottom of 4786. Whether the market will reverse? Stay tuned to the market.
As mentioned in my weekly post, market has closed on strong note on Friday and shows potential to go up to the channel high of 5600. But considering the weakness in World markets and the coincidence of such turn dates along with small increase in Nifty Future, I am not inclined to suggest fresh long positions at higher levels. However, those willing to bet on the long side will do well to keep a Stop Loss of 5400.
One can go short below 5500 with stop loss of 5545. On the down side it will find support at 5450 and 5420. As indicated in the EOD chart, weakness will accelerate if it breaks the channel on the down side at 5400.
Put Call Ratio of Index Options remained unchanged at 1.33.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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