NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS:
LEVEL 1: 5400, LEVEL 2: 5225, LEVEL 3: 5100
NIFTY FUTURE :
On the back of weak World markets, Nifty Future opened weak and made a low of 5465 and made an attempt to go up but could not go beyond 5488. In the last hour, it gave up all the intra day gains and made a low for the day @ 5461 and closed at 5470. You will observe on the EOD chart that Nifty Future has taken support at a small trend line.
NIFTY FUTURE :
On the back of weak World markets, Nifty Future opened weak and made a low of 5465 and made an attempt to go up but could not go beyond 5488. In the last hour, it gave up all the intra day gains and made a low for the day @ 5461 and closed at 5470. You will observe on the EOD chart that Nifty Future has taken support at a small trend line.
For tomorrow, we have support at 5450 and 5420. If 5400 is broken, market may become very weak.
If the support of 5450 is not broken, we may see a pull back, in view of FNO settlement as Nifty Future may try to close above 5500. However, on the way up, we have resistance at 5480 and 5510. Above 5510, we may see some strength and will face resistance at 5530. The strength may be possible as Bank stocks remain strong. However, Reliance continues to be weak and does not provide any support to Nifty Future. In view of FNO settlement volatility may increase and hence it is better to be light on trades.
Put Call Ratio of Index Options decreased to 1.29 as against 1.40 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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