NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty Future opened with a upside gap but capped further up move when it made 5223 as Open = High. For better part of the day, Nifty Future moved in a narrow range of 5150 and 5180. It finally closed the day at 5159.
At the time of writing this post, when US & Europe markets are down by about 3% what happened during our trading hours is history. If these markets continue to bleed till the time they close, we should once again see Nifty Future going down. For tomorrow, one can consider going short when Nifty Future trades below 5120 with a stop loss of 5170.
On the down side, it will find support at 5050. The fall will accelerate below 5050 and Nifty Future will retest yesterday's level of 4950. Below this, we have 4900-4920 as support area. Needless to mention that these support levels are good to square up your short positions and not to go long. The way things are, 4770 referred to in the last weekends' post, seems to be a distinct possibility.
I would also like to caution, that we have a long weekend ahead - with Holiday on Monday. I don't think much should be expected of Friday's trading as no trader would like to leave open trades in these volatile times. Please factor this information in your trading strategy from tomorrow itself.
Put Call Ratio of Index Options decreased to 1.19 as against 1.24 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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