NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
CRITICAL LEVELS:
LEVEL 1: 5400, LEVEL 2: 5225, LEVEL 3: 5100
NIFTY FUTURE:
On the back of strong closing in US markets, Nifty Future did open with a gap to make a high of 5510, but the enthusiasm shown in the past two days was lacking at higher levels. During the day Nifty Future managed to fill the gap and made a low of 5477.
Sharp bounce from the low of 5356 has given some hopes for a new high and in that respect tomorrow should be considered as an important day as it will be the last day for the week. As key stocks like Infosys, Reliance and SBI have closed near the low of the day, I feel that Nifty Future may find it difficult to make a New High. Moreover, the guidance given by previous week's Engulfing Bearish Candle and a Shooting Star Candle for the previous month is of any significance, I do not think there is any possibility for a new high. If the close is any where near 5430 - without making a new high, the weekly candle will be making lower top/lower bottom, which would be in line with my bearish view ahead.
For tomorrow, I would not advise fresh long position. Short position may be taken below 5430 with stop loss of 5465. On down side it will find support at 5420 and 5370.
Put Call Ratio of Index Options decreased to 1.15 as against 1.22 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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