NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading , Nifty Future opened weak and made a failed attempt to go up. It manged to make a high of 5177 and remained sideways for better part of the day. In the second half it finally went under 5140 sharply, to make the day's low of 5064. Those academically inclined, will find it interesting to see the 30 min chart, where Nifty Future found resistance at the median line of the Andrew's Pitchfork. Another interesting coincidence is that today's low (5064) is the mid point of current quarter (high 5403 & low 4726). Considering the importance I give to the mid points (TP GRID), this level should provide a support at least once.
In view of the above, for tomorrow, I would suggest buying Nifty Future with stop loss of 5060. On the higher side, it will find resistance at 5140 and gain strength only above 5180 (today's high). It will not be advisable to remain short above 5180.
In the unlikely event of Nifty Future going below 5064, it will find support at 4980. Weakness will accelerate below this level to fill the gap at 4850. Although I do not expect this to happen in the immediate future.
While Nifty Future crashed in the last one and a half hour, there has been increase of 5100 Call option to the tune of 22.50 Lacs besides increase of 16.49 L in case of Strike price ranging from 5200-5400. As against this, on the put side the total increase of open interest is to the extent of 23.47 L for the strike price of 4800 - 5000. Considering the significant support of 5064 as stated above and increase of open interest on the call side, I expect the market to go up.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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