NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
HISTORY CHECK : IN PAST 10 YEARS - 4 BULL MONTHS & 6 BEAR MONTHS
NIFTY FUTURE :
After a lacklustre opening, Nifty Future remained weak for better part of the day and made a low of 5963 (Oct Future 5985), but in the last hour it made a sharp up move to make a high of 6035 (Oct Future 6047) making it obvious that the up move was a result of FNO settlement. As such, today was a quarterly close which has happened on a bullish note. (More on Quarterly chart over the weekend).
Considering that we got an up move only in the last hour, the same remains suspect whether it will continue for tomorrow. I would advise going short at higher levels with a strict stop loss of 6070 or better still 6100. On lower side, it will find support at 5965 - 5949 and 5910. I would advise no long positions for tomorrow, as it will be better to confirm whether there is steam left and get a better view next week. Tomorrow being last day of the week, close below 6000 should indicate weakness ahead - not to forget the indications given in the history check above.
Put Call Ratio of Index Options decreased to 0.95 as against 1.19 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher,
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