NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future opened weak and traded sideways in the first half of the day and made day's low at 5510 and then went up to make the day's high at 5593 and closed lower at 5538. The EOD candle is a doji - suggesting indecision and that too below the key support level of 5555. As mentioned yesterday, Nifty Future managed to fill the gap at 5553 but is yet to fill the gap at 5504 and many more down below the previous low of 5175.
Considering the weakness in Global markets, we can expect a lower opening. Below 5500, there is a good possibility that Nifty Future may go down up to 5393 - a bottom made with a freak trade on 26th April. At this level, it will also find trend line support as well as previous bottom. At this level, one can consider going long for bounce at least. As seen on the EOD chart, there would be major danger to the market below 5300.
Short position may be taken below 5500 with stop loss of 5540. On the down side 5420 and 5365 and 5393 will provide support.
Long position may be taken at lower level at 5393 indicated above or when Nifty Future trades above 5555 levels. On the higher side, it will find resistance at 5600 - 5650 and 5675.
Put Call Ratio of Index Options increased marginally to 0.83 as against 0.75 level yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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