NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
On the back of weak Global cues, NIfty Future too opened with a downside gap and in a day of narrow trading made a high of 5064 & a low of 5013. It finally closed the day at 5054. The day's candle shows a lower shadow which suggests buying at lower level.
Considering the lower shadow and some improvement in US markets, we may see some up move tomorrow - at least to fill the gap left today. One can consider going long with stop loss of 5000. On the higher side, it will find resistance at 5100 - 5125 and if we manage to break 5125 we may once again come to the previous resistance level of 5165 - though this looks quite unlikely.
Fresh short position may be taken only below 5000.
As regards the Index Options data, there has been considerable (11.86Lacs) reduction in the open interest for the strike price of 5100 whereas on the call side there has been increase (7.04 Lacs) of open interest in the strike price of 5000. Not much of guidance except that there may be liquidation of 5000 calls around the resistance levels indicated above.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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