NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty Future opened firm and made effort to cross 5750 twice but then in the second half it came down sharply (60 points in 30 mins). During the day, it made a high of 5754 and low of 5661 and closed the day at 5689.
The sharpness with which Nifty Future came down in just 30 min indicates how weak the markets are. Today's EOD candle is poised in such a way that Nifty Future could go either way tomorrow. With downward momentum persisting, the odds of it going down to test the 200 DMA at 5619 remain open. As such, I was expecting this kind of reaction at 5800 levels when I wrote yesterday to go short at 5800 levels. However, the same has happened even at 5750 levels.
In view of the above, it would be better to create fresh long positions above 5710 with stop loss of 5675. On the higher side, it will find resistance at 5755 and 5800.
Short position may be considered below 5640 with stop loss of 5675. On the down side, it will find support at 5620 -5585 -5540 and 5515.
Put Call Ratio of Index Options remained almost unchanged at 1.01 as against 1.00 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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