Charts: TATA STEEL - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
Today in last one hour Nifty Future went below the previous 4 days range, that too after making an attempt to make a new high. It also broke the much awaited 4600 level and the Trend Line on EOD & 30 min charts. Hopefully the anticipated correction has begun.
Those who have sold short should consider 4450 levels as the level to square off the short position, unless there is a good reason reported for today's fall. Generally, for such sharp sell offs - the reasons will follow in a day or two.
Tomorrow for any reason Nifty trades at 4590 -4600 levels one can go short with stop loss of 4645. The support levels will be 4525 and strong support at 4450 level.
Needless to say that at this stage new long positions should be avoided, until market finds a bottom.
Please use STOP LOSS levels diligently.
With Best Wishes,
Ketan Asher.
PS: Tomorrrw i will be reposting writeup dated 11.7.2009 titled -'Nifty Future - What Next?' with comments for the current market movements.
Words of Wisdom
Opportunity: Something that you loose today,
but realise tomorrow.
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