NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
On the back of weak Global cues, Nifty Future too opened with a downside gap. During the day, it made a low of 4813 and high of 4879. An essentially sideways trading day closed at 4858. The positive for the day was that although Nofty Future opened below 4900, it did not precipitate into a big fall and as such, today's EOD candle once again indicates a higher bottom and also a long lower shadow. What is now important for tomorrow is that we must quickly fill in the gap left in today's opening session.
For tomorrow, one can consider going long above 4870 with stop loss of 4835. On the higher side, it will find resistance at 4920 and 5020. It is advisable not to remain short above 5020, as there is every possibility that we will fill up the gap at 5100 & even 5300 over the coming few days.
Fresh short position should now be considered only below 4835 with stop loss of 4870 though to me it looks unlikely for tomorrow. Ideally, one can consider going short/buy puts when Nifty Future fills the upside gap, particulalry if it manages to fill 5300.
As regards the Index Options data, open interest in Put option continues to surge, whereas increase in open interest on the call side is more modest. In absence of any clear direction of the market, I do not find much merit in buying puts at the current level and high prices.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
PS: TP GRID now includes data for DJIA, S&P 500 and USD GOLD.
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