NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
Last Friday saw a sharp up move - thanks to strong US markets. Nifty Future opened firm and made the day's low of 5573 and thereafter went up to make the day's high of 5653. On the 30 min chart you will find that it found strong resistance at the trend line. Interestingly, on the EOD chart too, it has touched the trend line (in Blue).
As usual, I would not advise long position at higher levels and instead suggest that if Nifty Future does not cross 5665 in the first hour or so, one can consider going short with stop loss of 5680 or 5700. On the downside, it will find support at 5630 and 5590.
As markets would remain volatile ahead of FNO settlement, it would be better to deal in Puts for Aug 2011. In any case do not trade without a suitable STOP LOSS.
Put Call Ratio of Index Options decreased marginally to 0.93 as against 0.98 on the previous trading day.
With Best Wishes,
Ketan Asher.
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