NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty Future opened with a small gap but could not sustain at higher levels right from the beginning, mainly due to Reliance giving up major gains. During the day, Nifty Future made a high of 5162 in the early trades and maintained downward bias for the rest of the day. In the second session, it made a low of 5081 and bounced back to close the day at 5116.
At the time of writing this post, US & Eurpoe are trading about a 1% lower and this may further dampen the sentiments for us tomorrow. One can consider going short below 5080 with a stop loss of 5125. On the down side, it will find support at 5000 and major support at 4940. One can consider going long at 4940 with stop loss of 4900 for a bounce.
As regards the Index Option data, there has been considerable increase in the open interest of 5100 to 5300 strike price, where as increase in open interest has been much lower. Thus possiblity of Nifty Future crossing the 5200 levels in the coming days can not be ruled out as yet.
With these contradicitons, get ready for a volatile trading day tomorrow. And last but not the least, please do not forget to use STOP LOSS.
With Best Wishes,
Ketan Asher.
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