NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
Last day of the FNO settlement ended on a weak note. After opening weak, Nifty Future drifted lower to make the day's low at 5776 (High at 5861) and closed near the low of the day at 5784.
We are now close to the 200 DMA at 5758 and swing mid point at 5763. It is quite likely that Nifty Future may take support at these levels and take a bounce. For today, one can consider going long when Nifty Future trades above 5800 (crossing of the trend line on 30 min chart) with stop loss of 5760. On the higher side, it will find resistance at 5820 and 5865.
Short positions may be considered only if Nifty Future trades below 5760, which seems unlikely at least on the initial days of the new series and that too it happens to be the last day of the week which will be important for the weekly candle. Moreover, Dow continues to make new high, helping keep the sentiment cheerful.
Put Call Ratio of Index Options decreased to 0.79 as against 0.83 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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