Charts : ICICI BANK, TATA POWER, TATA STEEL
Charts: SAIL, RELIANCE, NIFTY FUTURE EOD
Nifty Future 30 Min
NIFTY FUTURE:
As against my expectation for a correction, Nifty Future continued to rise - with support from Tech Stocks, Bank Stocks & also Reliance. Today's close too is quite strong and tomorrow opening should be steady. But cautious approach is advised and buying should be avoided at higher levels. There are no apparent reasons for this kind of a sharp move.
Today I have also enclosed, 30 min chart for Nifty Future, where u will find that market is near 2.618 extension level. Normally, 1.618 & 2.618 levels terminate the rally. Also marked is a channel - break of which will start the down side. Now only below 4480 selling should be considered. with support @ 4450. Market will get weaker below 4440, with major support @ 4331.
Please use STOP LOSS and in FNO always have a hedged positions so that the loss is minimised.
With best Wishes,
Ketan Asher.
Thought for the Day
We do not see things as they are, but as we are.
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