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 went down to make the day's low of 5387. In the second session, it made an attempt to go up to make a high of 5438 and barely managed to fill the gap left in the opening session. After spending the enitre day in and around 5400 level, it finally closed the day at 5424. The day's candle, with relatively small range (51 points) made a lower top / lower bottom. Interestingly, on the past two days we have a long lower shadow - suggesting strrength, but the next day Nifty Future has opened weak and continued its downward move. Well, if US/Europe markets are any indication at the time of wrtiing this post, we can expect the trend to continue tomorrow.
Tomorrow, one can consider going short below 5420 with stop loss of 5450/5470 depending on individaul risk profile. On the downside, 5300 will provide support. Existing short positions may be continued with stop loss of 5470.
In these uncertain times, long positions are best avoided till the market shows some sign of stability.
Put Call Ratio of Index Options remained almost unchanged at 0.93 as against 0.91 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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