NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
On the back of weakness in World markets, Nifty Future opened with a downside gap and made the day's low of 5473. As mentioned in my post, 5470 is the swing mid point as shown on the charts and the same provided support. During the day, Nifty Future did make an attempt to go up, but managed to do a high of 5517 and ended the day to close at 5493 - almost a doji.
Tomorrow is the 1st day for the new FNO settlement and last day for the month of July and hence tomorrow's close will play a crucial part to indicate what lies ahead for the next month. For tomorrow, as long as 5470 is not breached we will have to keep positive bias for Nifty Future to bounce back to a high of 5560 where it will find resistance as shown on the 30 min charts. Hence, one may take long position with 5470 as strict stop loss level. Alternatively one can consider going short when Nifty Future trades near 5560-5590 levels with stop loss of 5630.
Fresh short position may be considered only below 5470 with stop loss of 5500. On the down side, it will find support at 5400 and 5350. Considering that tomorrow is the last trading day for the month, it looks unlikely that 5470 will be breached tomorrow.
Put Call Ratio of Index Options decreased to 0.89 as against 0.93 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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