NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
One more flat day of trading, when Nifty Future traded inside 44 points. The day's high, low and close were 5312, 5468 and 5283 repectively. On the 30 min chart you will observe that we are still trading within the big 30 min candle made on 20th June.
Today's lackluster trading was influenced by the Met dept's announcement of below normal Monsoon this year and by the time we start trading tomorrow, we would know the outcome of the Fed's meeting about the future of QE2.
In light of this, it is better to let Nifty Future to move above 5330 to go long and let it move below 5250 to go short. If you are following the TP Grid median points - so much the better.
On the higher side, it will find resistance at 5360 and will get stronger if it is able to cross the trend line at 5380 and go up to 5420.
On the lower side, it can go to test the previous low of 5182.
I must add here that looking at the lower shadow on the last 3 day's candle my bias remains positive.
Put Call Ratio of Index Options remained almost unchanged at 0.80 as against 0.82 on the previous trading day.
Either side of the levels referred above, the move could be sharp - hence please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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