NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
After a firm opening, Nifty Future made an attempt to go up and managed to make the day's high at 5418, but gave up all the gains in the second session to breach yesterday's low and made a new low of 5360. Thereafter, it bounced back to close the day at 5388. Please refer to the attached 30 min chart for getting better appreciation of today's resistance level.
I would consider today's low as a double bottom at the support level of 5360 and expect Nifty Future to muster enough strength tomorrow to clear the resistance of 5420.
For tomorrow, one can consider going long above 5400 with a stop loss of 5350. On the higher side, it will find resistance at 5420 - 5440 and 5500. All this considering the ensuing FNO settlement scheduled for Thursday. It is advisable not to go short at lower levels till the FNO settlement is over.
Put Call Ratio of Index Options decreased to 0.81 as against 0.92 yesterday.
Please do not trade without STOP LOSS as markets may remain choppy, in view of the FNO settlement.
With Best Wishes,
Ketan Asher.
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