NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In the early trades today, Nifty Future did make an attempt to go up and made the day's high at 5573 but thereafter remained sideways for a few hours and in the second session went down sharply to make the day's low of 5444 and closed at 5458 - near the low of the day. Incidentally, we have 8 straight down days and day's close is just a striking distance away from the level of 5393 given by the freak trade last week. Not to forget that gap left at 5504 is also filled today.
Considering that we have fallen for so long (8 days) and so much (nearly 8%), it is not advisable to go short at lower levels - at least for tomorrow. Moreover, tomorrow being the last trading day of the week, it is also important from weekly candle point of view and hence pull back is possible up to 5700 - before continuing the downside. As mentioned yesterday, extreme bearishness can be expected only when 5300 level is broken and may be that is some time away.
For tomorrow, one can consider going long when Nifty Future trades near 5400 levels with a stop loss of 5365. Safer thing to do would be to buy 5500 or 5600 calls. On the higher side, it will find resistance at 5510 - 5555 and major resistance at 5590.
I would not advise fresh short positions tomorrow.
Put Call Ratio of Index Options remained at 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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