NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
Finally, Nifty Future gave a big range and also the direction. After a weak opening, Nifty Future continued its downward bias throughout the day. By the end of the day, Nifty Future once again tested the previous low of 5438 and closed at 5451. Today's weak close, coupled with weakness in World markets, we should be ready to see weak opening and some more downside.
For tomorrow, one can consider going short with stop loss of 5475. Selling on gap down opening should be avoided. On the down side, it will find support at 5420 and triangle pattern target of 5365.
Support at 5365 hinges entirely on the market reaction to the RBI credit policy and also should be seen in the light of support at 5350 on the Weekly / Monthly chart. As a contrarian move, at this level, one can consider buying 5600 Call options, as expiry is 10 trading days away.
Put Call Ratio of Index Options remained almost unchanged at 0.89 as against 0.90 on the previous trading day.
Tomorrow once again we can expect a big range and a volatile trading day, hence please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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