NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future traded in a narrow range of 31 points - High of 6012 and Low of 5981. The day closed at 5996. The good part of this narrow range was that Nifty Future did not go below the previous day's low - there by keeping the hopes of further up move alive for tomorrow, particularly when it is the last trading day of the week and followed by FNO settlement on next Thursday.
At the cost of being repetitive, I would advise caution at higher levels at 6100, even if 6043 is crossed tomorrow. However, those willing to take higher risk can consider going long above 6021 with strict stop loss of 5990. On the higher side, it will face resistance at 6045 and major hurdle at 6100. If Nifty Future goes above 6045, short covering itself will help to take Nifty Future closer to the 6100 target. In case you have a bullish view (above 6020), its not a bad idea to buy 6100 call for the current month as the premium is just about Rs. 12.
Short position may be taken below 5970 with stop loss of 6000. On the down side, it will find support at 5940 and 5890.
As Nifty Future has been languishing within 72 points range for the past 3 days, it is but natural to expect big range which ever side the market breaks out tomorrow. Lets hope US markets give us decisive guidance when we open tomorrow morning.
Put Call Ratio of Index Options decreased to 1.09 as against 1.21 yesterday.
Please do not trade without STOP LOSS - irrespective of your view.
With Best Wishes,
Ketan Asher.
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