NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading, Nifty Future maintained an upward bias but could not close above 5330. After a hesitant opening and making the day's low of 5263, Nifty Future went up to make the day's high of 5337 but could not sustain at higher levels. It closed the day at 5316. Interestingly, on the 30 min chart Nifty Future continues to trade within the big bar made on 20th June.
For tomorrow, I would repeat the same thing as today - go long above 5330 and go short below 5250.
Considering the weakness in US/World markets, we too may have a weak opening. However weakness will accentuate only below 5250. On the down side, Nifty Future will test previous low of 5182. Panic will set in only if Nifty Future breaks below 5165 and this seems unlikely for tomorrow as we have FNO settlement scheduled for next week. As such, any close above 5250 will leave long lower shadow on the weekly candle and will be quite positive for the next week,
Put Call Ratio of Index Options increased to 0.96 as against 0.80 yesterday.
Please do not trade without STOP LOSS and it will be a safer option to trade in options = considering the increased volatility ahead of FNO Settlement.
With Best Wishes,
Ketan Asher.
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