Charts : TATA STEEL - TATA POWER - SAIL
Charts : RELIANCE - ICICI BANK - NIFTY EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
From the Nifty Future 30 min chart you will observe the size of the bar when Nifty came out of the channel, which has been shown for the last few days. At the close, we have lost 25% of the 664 points range from 3905 to today's high of 4569. Today's close is weak and indicates that market may open weak tomorrow. In case it open's near 4420, one can go short with stop loss of 4460.
From the Nifty Future 30 min chart you will observe the size of the bar when Nifty came out of the channel, which has been shown for the last few days. At the close, we have lost 25% of the 664 points range from 3905 to today's high of 4569. Today's close is weak and indicates that market may open weak tomorrow. In case it open's near 4420, one can go short with stop loss of 4460.
On lower levels, 4310 - 4330 can act as a good support level. Below 4310, it will find support at
4260. Break of 4220 should be conisdered as very weak.
Next two days movement will give an indication if the previous week's smart recovery was just a mirage or the market has the steam left to make a new top above 4703
With Best Wishes,
Ketan Asher.
Thought for the Day
Pessimism never won any battles.
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