NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
As expected, Nifty Future had a firm opening and made a high of 6094 during the first half of the day, but could not sustain at higher levels and made lower top lower bottom in the second half of the day and made a low of 5988 and closed weak at 6002. We saw a range of 106 points and that too with a weak close. Not a great thing to happen on the 1st day of the week. Those who like to understand the fall must see both the charts attached herewith.
For tomorrow, one should consider going short only below 5970 with stop loss of 6010. As shown on the 30 min chart, we have number of supports viz. 5950, 5910, 5885 and last key support of 5850. While this level looks little far off today, one needs to be cautious with long positions, as I always maintain that - while falling Newton's Law helps.
Considering the fall today, the weakness is apparent particularly in the Bank Stocks, hence I would not advise long positions at all, even in Nifty Future. However, as a matter of prudence, existing short positions should be trailed with stop loss of 6045 (Never fight the market) as weakness will accelerate only below 5900.
Put Call Ratio of Index Options decreased to 1.07 as against 1.26 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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