NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD NIFTY FUTURE : On Monday, Nifty Future opened weak and maintained downward bias and made the day's high of 5849 and low of 5797 and closed weak too at 5804. Since the time our markets closed for a holiday, World markets have been trading weak and this should adversely affect the sentiment in out markets tomorrow - though Crude has been trading lower and that should nullify the effect to some extent. For tomorrow, one can consider going short below Monday's low of 5797 with stop loss of 5840. On the down side, it will find support at 5750 - 5731 (200 DMA) and 5700.
Considering week count given in the weekly report, long positions are best avoided at least for this week and long positions must be held with strict stop loss levels. Moreover, as mentioned earlier we will be once again out of the channel at 5800 and 5750 on the weekly and monthly charts respectively, and that could lead to continuation of the downward trend and also accelerate the down move. Filling of gap at 5500 would be the first good level to consider long positions for a bounce.
Put Call Ratio of Index Options decreased to 1.02 as against 1.11 on the previous trading day. Please do not forget to put stop loss as it may prove to be very expensive.
With Best Wishes,
Ketan Asher.
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