NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In Friday's trading, Nifty Future decisively broke the 5500 level to make the day's low at 5450 and bounced back marginally to close the week at 5485. In doing so, on the 30 min chart it has broken out of the triangle (in Blue) on the lower side and giving a pattern target of 5365.
Considering the weakness in Global markets after our markets closed for the week, this level does look practical to achieve. This seen with the support at 5350 and expectation of a bounce back (as has happened on number of occasions in the past), it is advisable to buy Call options for Nifty Future of 5500/5600 strike price as and when this level is reached. In such times futures position is best avoided.
For tomorrow, assuming the market doesn't open with a down side gap, one can consider going short below 5465 with a stop loss of 5500. On the down side, it will find support at 5420 and 5365.
Put Call Ratio of Index Options decreased to 0.84 as against 0.93 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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