Charts: TATA STEEL, TATA POWER, SAIL
Charts: RELIANCE, ICICI BANK, NIFTY EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
As against my expectation of weak opening, Nifty future opened with a gap on back of strong Asian markets. It spent better part of the day in a narrow range and then gave a breakout on the upper side to close @ 4535.
With good upmove in US markets, it is likely that we may have a gap open. Above 4575, it looks almost certain that Nifty Future may make a new Top early next week (or today itself?). On higher side 4600 - 4660 and 4680 will act as resistance. On downside market will get weak below 4480 and take support @ 4440 and 4390.
As a matter of abundant caution, i would not suggest buying at these levels, instead it would be a better idea to wait for the new TOP and go short at appropriate time at higher levels. In the attached charts for individual stocks i have given buy side transaction which may be used for intraday purpose rather than delivery based buying.It woould also be advisable to sell delivery stock at higher levels.
Please do not trade without STOP LOSS.
With best wishes,
Ketan Asher.
Thought for the Day
Embrace change: With volatility comes opportunity, as well as danger.
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