NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
After a weak opening, but without breaking the previous day's low, Nifty Future maintained an up move and did manage to break the previous day's high and made the day's high of 4885. However, in the second session, after a weak opening in Europe and Moody's downgrde of SBI, Nifty Future lost over 100 points in one hour and made the day's low of 4725. I have identified the support and resistance levels for the day on the attached 30 min chart. The day closed at 4775. To see the positive in an otherwise negative tending day - is that on the EOD chart, Nifty Future has closed above the trend line and we have not yet broken 4700 level done earlier.
For tomorrow, one can consider going long above 4805 with stop loss of 4775. On the higher side, it will find hurdle at 4810 and stronger resistance at 4920.
I am not suggesting to short at lower levels as I expect Nifty Future will find support at 4680. Instead it will make better sense to go short at higher levels of 4920 with a suitable stop loss.
As regards the shorts, I do not favour the same at lower levels and hence am not suggesting to go short at break of 4700 as 4680 may provide support.
Build up in open interest of Call option of 4700 to 5300 strike price continues. As regards the put option, major action is in the strike price of 4300 and 4500.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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