NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future opened weak and all the enthusiasm apparent on last Friday was absent. Nifty Future opened low at 5439 and made a high of 5440 and there after maintained downward bias throughout the day, and made the day's low of 5365, In view of the support of the previous low of 5350, it did make an attempt to bounce, but could not muster enough strength, in view of weakness in Global markets. It finally closed the day at 5383.
Considering the weakness in Global markets, in all probability, we will see a weak opening and Nifty Future may easily slip down to the strong support area of 5300. In view of the impending FNO settlement just few days away, there is good likely hood of Nifty Future bouncing - may be for one last time before the FNO settlement. This is just a wishful thinking and hence one needs to wait before taking long positions as the sentiment is very weak and bounce may take the Nifty Future to 5420.
For those following TP Grid, i would like to draw their attention in change of the Mid Point for 52 Weeks after a long time. The mid point has now increased to 5641 (from 5567) and will provide strong resistance.
For tomorrow, I would not advise going short particularly if there is a gap down open. The brave hearts can consider going long at about 5300 (with strict stop loss of 50 points) that too if market looks to be stabilising at that level. At higher levels, it will find resistance at 5400 - 5420. It is not advisable to remain short above 5420.
Put Call Ratio of Index Options increased marginally to 0.92 as against 0.87 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher,
No comments:
Post a Comment