NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
After a weak opening, Nifty Future maintained downward bias to make the day's low of 5518 - near the support area of 5500 and thereafter saw a bounce to close the day at 5548. The day's candle does show a small lower shadow, but considering the current status of the US & European markets which are down over 1% and assuming that they remain so till their day's end - we may have a contagious effect tomorrow. With FNO settlement scheduled for tomorrow, one couldn't have asked for a better combination for volatility.
For tomorrow, one can consider going short below 5565. On the down side, it will find support at 5500 - 5470 and finally 5400.
In the event of a major fall tomorrow, it would be prudent to cut your short positions. However, it would be better to avoid bottom fishing as one doesn't know the bottom.
With today's fall (post RBI rate increase), the stage is set for Nifty Future to fall below 5500 (as shown on the EOD chart), however a lot depends on how bad the US markets close today.
Put Call Ratio of Index Options decreased to 0.93 as against 0.97 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
No comments:
Post a Comment