NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
Thanks to one of the readers - Mr. M.K.Gupta today's TP Grid is much more presentable. Please refer to the pages.
NIFTY FUTURE:
NIFTY FUTURE:
In the morning trade, Nifty Future could not sustain yesterday's sharp momentum and languished with upward bias and managed to make a high of 6166 (as against mid-point level of 6163 for Oct 2010), but then suddenly took an u turn and by end of the day made a low of 6024 and closed at 6044. Though Nifty Future managed to make higher top and higher bottom for the day, the speed with which it gave up the day's gains makes the weakness evident. Notable point for the day's trading was that premium of about 40 points over the spot Nifty, vanished by the end of the day.
For tomorrow, it will be advisable to maintain downward bias and go short with stop loss of 6080. In case of weak opening, one can go short below 6000 with stop loss of 6035. On the down side, Nifty Future will find support @ 5970 and major support at 5950.
At the time of writing, it appears that Dow is getting ready to get out of the Rising Wedge - as shown on the chart which is available on the blog, it will be prudent to be cautious by keeping strict stop loss for long positions (that is if you are still long). In view of the same, I have avoided any suggestion for fresh long positions - though the 5950 level looks attractive.
Put Call Ratio of Index Options increased to 1.05 as against 0.99 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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