NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD NIFTY FUTURE:
After a firm opening, Nifty Future went up to make a high of 5880 but then gave up all the gains to make the day's low of 5783 and closed the day at 5824. The day's candle is a doji - indicating indecision. Higher top / higher bottom formation continues in the EOD chart. As shown on the EOD chart, 5880 level coincides with the trend line and also an important Fib level and hence as indicated in today's post correction was most likely. We are now done with FNO settlement as well as NAV considerations for the last day of the Financial Year. Moreover, considering the one way rise for 8th day in a row, in any case correction is overdue and logical.
For tomorrow, in case Nifty Future makes an attempt to go up, one can consider going short at higher levels with Stop Loss of 5920 (safer one is 5942). On the downside, it will find support at 5785 - 5760 and 5740. While Nifty Future may make an attempt to go up once again, but I do not think it is advisable to go long - either in Nifty Future or individual stocks at these levels. Correction must take place either tomorrow or early next week as result season is at least a week away. Today's last 30 min up move must be looked at in light of there being FNO settlement today. Correction up to 5500 level (don't forget the gaps) will give better opportunity to go long. As such, once World Cup fever is over this Saturday, we have to once again face the realities of 2G scam, inflation, rising interest rates etc....
Put Call Ratio of Index Options decreased to 1.04 as against 1.11 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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