Charts: TATA STEEL - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
In the last two days Nifty Future has shed 265 (5.6%) points and on Friday was very close to the support of 4450 given in the previous post. As the US markets have closed better yesterday, it makes a good case for a pull back rally on Monday.
In the attached Nifty Future 30 min chart, you will find that if Nifty future comes back up to 4625, it will be a good opportunity to go short with stop loss of 4660. After the kind of fall we have seen in last one day and 1 hour of Thursday, pull back up to the trend line is not expected but fresh short may be considered only after factoring this possibility.
Whether market will continue its rally beyond 4700? I will consider this possibility only if:
1. Nifty closes above 4650.
2. After this up move, market makes double bottom near 4450.
Unless one of the conditions stated above is met, i will continue to believe that up move (if any) on Monday is just a pull back rally and consider the trades accordingly.
In view of the above, i do not recommend any buy position.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
Words of Wisdom
All trends and cycles come to an end.
Who anticipates the future, profits.
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