NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
After a weak opening, Nifty Future could managed to go up to make the day's high of 5522 and thereafter went down to make the day's low of 5423 and closed marginally above the day at 5447. The weakness in Nifty Future was led by SBI (down 8%), ONGC (down 6%), Reliance (down 2%). As can be seen on the EOD chart, Nifty Future has broken the Inverted Flag and taken support at the trend line. As mentioned in the weakly post, while breakout of Inverted Flag does give a target of 5000, but that should be expected only when 5300 is broken.
Considering the weakness in Global markets, we will see a weak opening. Tomorrow is the 2nd Anniversary of the Gap up opening after the Election Results in 2009. Needless to mention that this time any suh surprise will have to be on the down side. Tomorrow, we may see upside up to 5480 and if this materialises, than should be utilised to go short with stop loss of 5535. On the down side, Nifty Future has support at 5420 and 5393.
Fresh long positions should be avoided till market shows signs of stabilising as fall below 5300 could be swift and deep (please see the weekly chart)
Put Call Ratio of Index Options remained almost unchanged at 0.88 as against 0.87 yesterday.
Put Call Ratio of Index Options remained almost unchanged at 0.88 as against 0.87 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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