NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
Contrary to my expectatons, we did not see any panic in today's trading. At the same time, Nifty future did not go higher too, and gave up most of the gains by end of the trading session. Overall a fairly narrow range day with High of 5187 and Low of 5122. It closed the day weak at 5137 - even when Eurpean markets were trading higher.
At the time of writing this post, US/Europe are trading about 2% higher. Considering today's close and higher inflation figures announced today, we may not see much strength tomorrow.
If Nifty Future trades above 5180, it will find resistance at 5250 and then go to fill the gap at 5330. Short cutting beyond 5180, may take Nifty Future to 5250, but then going to 5330 looks unlikely to me, as no one would like to take the risk of long weekend - in view of the holiday on Monday. I would therfore advise caution at higher levels and long psotions are best avoided.
On the down side, one can consider going short below 5120, with Stop loss at 5170. On the down side, 5080 may provide support. On break of 5080, Nifty Future may go down to 5000 levels. As such, any close below 5080 should be considered weak for the next week.
Put Call Ratio of Index Options increased to 1.27 as against 1.19 yesterday.
Put Call Ratio of Index Options increased to 1.27 as against 1.19 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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