NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
Though Nifty Future opened near yesterday's close level with open=Low= 5869 and thereby indicating that day's top was in place. On the back of "Lower than Expected Results" from Infosys, it fell by almost by 5% by the end of the day and coupled with weakness in Bank stocks led the market to make a low at 5736. It remained a volatile day and the only positive feature was that last 2 day's low was not broken. All the same Nifty Future closed weak at 5756 and threat on the down side continues for tomorrow.
In a way predicitng tomorrow's market action becomes simple - If 5700 low is broken, Nifty Future may seek support at 5675 or 5650. Considering that tomorrow is the last trading day of the week, we can once again see a sharp recovery from these levels. In the event, that Nifty Future does not break 5700, one can consider going long above 5815 with stop loss of 5750. On higher side, 5865 - 5900 and 5950 will act as resistance levels.
Though Nifty Future does look weak, as a contrarian trade, it would be a good idea to buy small quantity of 5900 calls available at about Rs. 40/- and then spend the remainder of the day flying kites. It will be rewarding if market recovers to 6000 levels post Makar Sankranti.
Please avoid going short at lower levels and in any case do not forget to put stop loss.
Put Call Ratio of Index Options decreased to 1.04 as against 1.10 yesterday.
With Best Wishes,
Ketan Asher.
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