Charts: TATA STEEL - TATA POWER - SAIL
Charts:RELIANCE - ICICI BANK - NFITY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
Yesterday Nifty Future made a low of 4415 and closed @ 4512 - up nearly 100 points from the low. This pullback from the bottom by 100 points gives hopes that there is a small chance that market may do a new top above 4703 and satisfy the pattern discussed in a weekend post 2 weeks back titled -NIFTY FUTRE - WHAT NEXT?.
Today is the last trading day for the Derivatives settlement, hence volatality will be above normal. On downside one can buy near 4450 with stop loss below yesterday's low. On higher side 4535 will act as resisitance. On higher side one can buy above 4535 with stop loss of 4500 and target of 4600.
On downside, below 4400 we have support at 4330 and 4250. Below this level we have to consider that this upmove to be over and be prepared to go down to 3950 and below this 3600 too is possible. While these levels may look unrealisitic today, we have seen that Newton's Law - like so many other things in nature, works very well in this market too. To illustrate this point, i would like to point out the above normal size of Red bars in the 30 min Nifty Future chart attached herewith. Please do remember that all the gaps left during the upmove need to be filled up - sooner the better.
It would be a volatile day so please do keep the STOP LOSS.
With Best Wishes,
Ketan Asher.
Words of Wisdom
A formula for success in life and finance:
never hold an investment that you would
not be willing to purchase afresh today.
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