NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :
In today's session, Nifty Future opened weak but managed to cross yesterday's high to make the days' high of 4885 but in the second session went down to make the day's low of 4788 and closed the day at 4817. While the lower shadow to the day's candle is a positive signal, but the more important thing is that we have a higher top/higher bottom for the day. Today's fall can be attributed as a pause after a big up move yesterday.
For tomorrow, one can consider going long with stop loss of 4760 (see 30 min chart) where it will find trend line support as well as 50% level of the swing. On the higher side, it will find resistance at 4885 and major resistance at 4930.
Short position may be considered only below 4760 with stop loss of 4800.
Tomorrow is the last day for the current month and hence important for the monthly candle. Like the previous months, this month's candle has remained inside the channel but longer lower shadow would indicate strength for the market.
As regards the Index Option data, the call side has seen increase in open interest by 21.08 Lacs for the strike price ranging from 4800 - 5000. On the put side, the increase in open interest by 6.14 Lacs for the strike price ranging from 4500-4700 is much lower indicating bias towards the long side.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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