NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD NIFTY FUTURE :
The week started on a promising note and made a high of 5921 for the day but thereafter suddenly fell and by end of the trading session, broke both the important support levels of 5800 and 5750 to make the day's low of 5727 and closed at 5736 - near the low of the day.
Nifty Future has closed just below the 200 DMA of 5739.
At the time of writing this post, World markets are trading lower by about 2% and there is a good possibility that we may see a weak opening too.
Tomorrow, it is not advisable to sell in case of gap down opening as 5700 and 5680 (trend line in Blue on the EOD chart attached) may provide support. In the event this is breached, we have good support at 5555 and 5500. At this level, it will fill the gaps left on the way up. As such, this level can be considered a safe level to initiate buy position - for a bounce.
Put Call Ratio of Index Options decreased to 0.94 as against 1.04 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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