NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
Last week closed on a strong note at 5081 leaving lot of hopes that 'Good days are back'. As we start a little short week tomorrow, we can see some correction as US markets too have come down by the end of day on Friday - after seeing higher levels in the beginning of the day. Secondly, as shown on the chart, we are very close to trend line resistance at 5125.
For tomorrow, I would advise going short with a stop loss of 5125. On the down side, it will find support at 5000 and 4920. It is only when Nifty Future breaks 4860, when the markets can get weak. To be cautious, one can even consider selling Calls with 5200 Strike Price or buy 4900 or 5000 Puts.
As regards the Index Options data, there has been massive (44.80 Lacs) increase in the open interest on put side with strike price ranging from 4900-5100. As against this, the increase in open interest on the call side is much muted (14.36 Lacs) for the strike price 5200 & 5300. Does it indicate that the top is in place for some time to come? Stay tune to the markets and plan your trades knowing that Tuesday is a trading holiday.
In any case, please do not forget to use STOP LOSS.
With Best Wishes,
Ketan Asher.
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