NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS:
LEVEL 1: 5400, LEVEL 2: 5225, LEVEL 3: 5100
NIFTY FUTURE:
In today’s trading Nifty Future opened at previous day’s level, but could not sustain at the day’s high of 5540. From the start of the day, it continued to trade lower and made intra day bottom of 5480 and then bounced back to close at 5510. While making today’s low, Nifty Future has taken support at the previous resistance level and the EOD candle has good lower shadow – suggesting possibility of the up move continuing. Thus, one should not get very bearish – at least till completion of FNO expiry on Thursday or till Nifty Future trades below 5480 for a while.
I continue to advise caution on the long positions and would consider it prudent to sell delivery based items, particularly in B group which have seen good improvement in valuation over the past 2-3 weeks.
For tomorrow, short position may be taken with stop loss of 5545. However, above 5530 Nifty Future may show renewed strength to make a new high. If helped by Reliance i.e if it trades above 1000, the task will become that much easier. One can take the Nifty Future trades with this perspective, as the volatility may be higher in view of the FNO settlement this Thursday.
Put Call Ratio of Index Options decreased to 1.40 as against 1.62 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
In today’s trading Nifty Future opened at previous day’s level, but could not sustain at the day’s high of 5540. From the start of the day, it continued to trade lower and made intra day bottom of 5480 and then bounced back to close at 5510. While making today’s low, Nifty Future has taken support at the previous resistance level and the EOD candle has good lower shadow – suggesting possibility of the up move continuing. Thus, one should not get very bearish – at least till completion of FNO expiry on Thursday or till Nifty Future trades below 5480 for a while.
I continue to advise caution on the long positions and would consider it prudent to sell delivery based items, particularly in B group which have seen good improvement in valuation over the past 2-3 weeks.
For tomorrow, short position may be taken with stop loss of 5545. However, above 5530 Nifty Future may show renewed strength to make a new high. If helped by Reliance i.e if it trades above 1000, the task will become that much easier. One can take the Nifty Future trades with this perspective, as the volatility may be higher in view of the FNO settlement this Thursday.
Put Call Ratio of Index Options decreased to 1.40 as against 1.62 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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