NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
Due to the announcement of Debt Ceiling problem being resolved in USA, our markets opened firm - just like other markets in Asia. But the paradox is that US indices are down nearly 1 % at the time of writing this post.
In today's trading, Nifty Future opened firm and made high of 5557, but could not sustain at higher levels and came down to make the day's low of 5488 and bounced back to close the day at 5533. The EOD candle has a long lower shadow which is positive, but considering the way US markets have traded today, it may not mean much for us tomorrow. In any case 5555 is the level which needs to be broken decisively for us to see higher levels.
For tomorrow, one can keep the level of 5560 as Stop Loss level for short positions and at any sign of weakness one can keep this as a reference point to go short.
On the 30 min chart you will find a trend line (in Blue) which gets broken at 5500 and any fall below this level can take Nifty Future to 5450. It is not advisable to keep long positions (particularly in FNO) below 5450 as the trend line support is getting broken at this level in Weekly chart. The fall can accelerate below this level.
Put Call Ratio of Index Options remained almost unchanged at 1.01 as against 1.00 on the previous trading day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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