NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
Contrary to expectations, Nifty Future opened weak as US markets gave up all the gains by the close. Nifty Future maintained downward bias almost through the day. During the day it made a high of 5985 and low of 5894 and closed at 5924. Bank Nifty Future got hammered for the 3rd day in a row and is now near the previous bottom made just a few days back. Short positions trailed with a stop loss of 11655.
While the market has been having a downward bias as is being mentioned here, I must caution to those who are able to short the Nifty Future or individual stocks, that we are now in multiple support zone till we are able to close below the previous low of 5725 - for Nifty Future to seek next strong support level of 5500. Hence it will be better to book profit on short positions from time to time. I would not like to miss the opportunity to once again emphasise, that TP Grid should be of great help to make money or at least to save money by not being on the wrong side of the market.
For tomorrow, short position should be taken below 5890 with stop loss of 5925. On the downside, it will find support at 5850 and 5815. I would suggest that long positions are best avoided - at least for one more day, till the market finds it bottom.
Put Call Ratio of Index Options marginally reduced to 1.01 as against 1.18 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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