NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In the day's trading, Nifty Future remained highly volatile with a downward bias. The only consolation for the day was that Nifty Future did not break the previous low of 4801. The day's close at 4842 does indicate weakness and possibilty of Nifty Future going down to test 4750 (4740 more likely) tomorrow can not be ruled out.
For tomorrow short position can be taken below 4850 with stop loss of 4900. On the down side it will find support at 4800 - 4750 and 4680. In the event Nifty Future shows stabilising at 4750 level, one can consider going long with about 30 point stop loss. Considering the high volatility, buying in cash market is a better/safer option.
Put Call Ratio of Index Options increased to 1.05 as against 0.98 yesterday.
If we have to see the upmove next week - as I anticipate, we must have a sharp upmove from the support level of 4750 - as tomorrow being the last day of the week and Weekly candle should reflect the same. For this purpose close near to 4850 will be more appropriate. In other words, if this does not happen, we must assume that some more downside is left next week.
All this goes to suggest, please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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