NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
After a firm opening on Friday, Nifty Future broke 5330 level and went to make the days high of 5491 and closed firm at 5484 - all thanks to short covering, ahead of FNO settlement on the coming Thursday.
For tomorrow, we may open weak in light of the hike in Diesel prices after the close of markets on Friday. Nifty Future can go down to test the low of 5420 and bounce back once again. One can consider going long at this level with a stop loss of 5390. On the higher side it will find resistance at 5485 and major resistance at 5555. Break of 5555 may take Nifty Future to retest the previous high of 5600 - though looking at the negative effect of the diesel price hike and the likely fall in DOW, it looks a bit difficult.
Considering the strength shown on Friday, I would not advise going short - at least on Monday.
Put Call Ratio of Index Options decreased marginally to 0.93 as against 0.96 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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