NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
As expected, Nifty Future opened with a downside gap and made a low of 5057 in the 1st hour of trade. In a surprise move, it went up to fill the morning gap and made a high of 5208. It could not sustain at higher levels after Europe markets opened and finally Nifty Future closed at 5126. The EOD candle is a doji, indicating indecision. Though the we had a volatile day, it wasn't as bad - may be because all were ready for much worse.
Our opening session will be influenced by how bad the US markets close today. At the time of writing this post the Companies which were backed by US Govt. too have been downgraded by S & P and this will definitely not go well with the markets and the slide may continue.
In such a scenario, we too can have a weak opening. Short position may be taken below 5120 with a stop loss of 5165. On the down side, it will find support at 5050, 5000 and 4920.
With addition of 24 Lakh Puts of 4700 strike price today, the worst may not yet be over.
Considering the way Nifty Future bounced back today, we must factor the possibility of Nifty Future showing strength above 5165 - atleast to fill the gap left on Friday's opening session i.e. near to 5335 level.
Put Call Ratio of Index Options was at 1.16 today.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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