RELIANCE
TATA STEEL - SAIL - MARUTI
NIFTY FUTURE:
On last friday, Nifty future faced hurdle at 4680 and in keeping with the current trend of 100 points daily range, went to the low of 4585 and closed at 4636.
Friday' s close is also important from the point of view of it being a Weekly and Monthly close. It is important to note that weekly as well as monthly candles do not suggest any weakness but on weekly chart Stochastics is in overbought region and MACD has already cut the trigger line on the down side.
From the attached chart for Nifty Future 30 min, you will observe how the Trend Line has been Resistance during Friday's trading. Long postions should be avoided till the market closes above 4730. In case Nifty Future shows any weaknes in the 4680 - 4700 region, it will be better to go short with stop loss above 4730.
Alternatively, one can go short, if Nifty Future goes below Monday open, with 25 point stop loss.
Below 4580 it will find support at 4550 and 4525. Below 4450, the weakness will accelerate.
Below 4580 it will find support at 4550 and 4525. Below 4450, the weakness will accelerate.
With results season coming to an end market will have to look for new reasons for sustained bullishness.
Please do not trade without STOP LOSS.
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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