NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NOTE: TP GRID NOW INCLUDES DOW, S & P 500 AND USD GOLD.
NIFTY FUTURE:
In Friday's trading, Nifty Future did not break the high of previous day and there after during the second session, maintained a downward bias. As shown on the chart, it closed below the channel and near the low (4920) of the day. Once again it did not break the 4900 level and closed @ 4934.
Considering the weakness in US markets, we too may see a weak opening. However, I would advise caution at going short below 4900 as Nifty Future may find support at 4865. The weakness will accelerate only if it trades below 4865. In that event it will get trend line support at 4775. I do not expect it to go below this level tomorrow - that is if at all it trades below 4865.
One can consider going long at 4775 with stop loss of 4750. On the higher side, it will find resistance at 4920 and 5000.
In the event 4865 holds, one can consider going long above 4920 with stop loss as the low of the day. On the higher side 5000 will provide resistance and it is advisable not to remain short when Nifty Future trades above 5040.
Index Option data suggests lot of build up in Put Options upto 4400 strike price and Call options upto 5400 strike price (Puts still outnumber the Calls). As we remain in a sideways market, I am not recommending buying options, as without a clear direction of the market, time value will be to your disadvantage.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
NIFTY FUTURE:
In Friday's trading, Nifty Future did not break the high of previous day and there after during the second session, maintained a downward bias. As shown on the chart, it closed below the channel and near the low (4920) of the day. Once again it did not break the 4900 level and closed @ 4934.
Considering the weakness in US markets, we too may see a weak opening. However, I would advise caution at going short below 4900 as Nifty Future may find support at 4865. The weakness will accelerate only if it trades below 4865. In that event it will get trend line support at 4775. I do not expect it to go below this level tomorrow - that is if at all it trades below 4865.
One can consider going long at 4775 with stop loss of 4750. On the higher side, it will find resistance at 4920 and 5000.
In the event 4865 holds, one can consider going long above 4920 with stop loss as the low of the day. On the higher side 5000 will provide resistance and it is advisable not to remain short when Nifty Future trades above 5040.
Index Option data suggests lot of build up in Put Options upto 4400 strike price and Call options upto 5400 strike price (Puts still outnumber the Calls). As we remain in a sideways market, I am not recommending buying options, as without a clear direction of the market, time value will be to your disadvantage.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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