NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty Future opened with a down side gap and filled the gap in the early session by making the day's high of 5335. Thereafter, it maintained downward bias to make the day's low of 5261. If finally cosed the day at 5291 and left the lower shadow on the EOD candle, thereby giving some hopes of recovery tomorrow.
At the time of writing this post, US & Europe markets remain weak and hence there is a good possibility that we too may open weak. On the down side, we have support at 5200 though the gap will be filled at 5192. Moreover, we also have trend line support at that level and hence a bounce can be expected from these levels. Hence, I would not advise short positions for tomorrow and instead one can consider going long at lower levels with strict stop loss of 5165. On the higher side, it will find resistance at 5310. It is advisable not to remain short once Nifty Future trades above 5345. I would like to add here that one bounce after filling the support can be expected. Moreover, we will need some solid reasons for Nifty Future to go below (say close) 5165 and this is unlikely untill Nifty Future tests the 5450 levels once again and fails. Simply put, till then bulls can enjoy.
As regards the index option data, there has been almost similar increase in open interest (over 10 Lacs) in puts (5100 strike price) & calls (5300 strike price). This suggests that market may oepn weak and then go up from the support levels indicated above.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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