NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty Future maintained downward bias though out the day. It made a high of 6134 / low of 6047 and closed at 6072. We had a third day of lower top and lower bottom. Nifty Future took support at 6047 as shown on the EOD chart attached. Once again it was Reliance and Infosys that saved the market from a bigger fall. Bank Nifty too continued to fall sharply for the third day.
As shown on the 30 min chart, Nifty Future has taken support at 6046 for multiple reasons like trend line support and 0.38 level. Moreover, there is a wedge like formation from where we can expect a breakout if Nifty Future starts trading above 6081 tomorrow. While it may be a little premature to call the final bottom today, being last day of the week, we can expect a higher close tomorrow. With Reliance showing strength, and US markets still making new 52 week high, I expect today's low to hold - at least for tomorrow. In view of the same, it is advisable to avoid fresh short positions tomorrow.
One can consider going long above 6081 with stop loss of 6045 (or 6030 to be on the safe side). On the higher side, it will find resistance at 6125 and 6150 levels.
Put Call Ratio of Index Options decreased marginally to 1.09 as against 1.11 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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