NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE:
In today's trading, Nifty Future opened firm, and after a steady rise through the day, made a new high of 5234 and closed at 5224 - near the high of the day. On the EOD chart, I have drawn a trend line which has provided resistance for the day. Considering the weakness in US markets, I do believe that today's up move was inspired more to show a strong close for the month and also to show a new high for the week.
For tomorrow, even if Nifty future opens strong, I would not advise long positions as there is channel resistance on weekly chart at 5270. Whereas on the Monthly chart, if it trades above 5235, it will be out of the channel. I don't think this could happen with US markets trading weak.
One can consider going short with stop loss of 5270. In case of weak opening, one can go short with stop loss of 5235. On the down side, it will find support at 5185 - 5150 - 5100. Fall will accelerate below 5150, as Nifty Future will be out of the Andrew's Pitchfork for the first time after trading inside it for a fairly long time.
As regards the Index Option chain data, the increase in open interest of Puts is much higher than the Calls.
Whatever may be your view, please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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