NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
As expected last Friday, Nifty Future remained above 5470 except for a short while when it went down to make the day's low of 5456. It ended the day at 5488.
The Weekly/Monthly chart updated yesterday, give a very bleak picture of what lies ahead for Aug 2011. Next weeks' market action will be dominated mainly by the Debt Ceiling drama played out in the US of A.
For tomorrow, fresh short positions are best taken below 5450 with stop loss of 5485. Alternatively one can consider 5555 as a stop loss and go short as an when market shows weakness. On the down side, it will have support at 5420-5400 levels and Nifty Future may make an attempt to bounce from this level. However, long positions below the breakout levels on the monthly/weekly chart are prone to danger and hence best avoided.
Put Call Ratio of Index Options increased to 1.00 as against 0.89 on the previous trading day.
Please do not trade without STOP LOSS and overnight long positions are best avoided.
With Best Wishes,
Ketan Asher.
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