NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
Contrary to my expectation, Nifty Future did not show the positive effect of strong US/Eurpoean markets. The fact that in early trades it did not even clear yesterday's high of 4973, made it clear that all was not well. During the day Nifty Future made high of 4961, low of 4867 and closed the day at 4883. The weakness in Bank Nifty was more profound mainly due to fall in banking stocks like Axis Bank and SBI.
Today's close does not augur well for tomorrow as the close is near to the day's low. Moreover, tomorrow being FNO settlement day can only lead to higher volatility. One can consider going short below 4850 with stop loss of 4900. On the down side, it will find support at 4800 and (much awaited) 4750. One can consider making delivery based buying at lower levels.
In the event market goes up - ideally without breaking the previous low of 4800, one can consider going long above 4900 with stop loss of 4850. On the higher side, it will find resistance at 4975 and strong resistance at 5030.
Put Call Ratio of Index Options increased to 0.98 as against 0.93 yesterday.
Please do not trade without STOP LOSS.
With Best Wihses,
Ketan Asher.
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