Charts: TATA STEEL - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
As anticipated, Nifty Future did open on the higher side, but did not have so much strength to even go any where near the 50 % of the fall from 4730, but made the day's high at 4548 and thereafter started trading lower. It made another attempt to go higher but by the end of the day precipitated to close at the lower end of the day. With today's fall, i feel that crossing of 4730 will have to wait for some more time.
On the 30 min Nifty Future chart, you will observe that since the fall from 4730, it has not been able to make any significant pull back till now. With 4450 broken decisively, the next support can come at 4300 (+ or - 20 points). Considering the perpendicular fall from 4730, sharp pull back can not be ruled out at 4300 levels as there is a support form trend line and 50 % levels, as shown in the NIFTY FUTURE EOD chart.
In the event of this support being broken, 4220 can act as the next support level.
In the event of this support being broken, 4220 can act as the next support level.
It was mentioned last week, that the reasons for the fall will follow. As of today, the two main concerns for the market players is the effect of drought and the spreading of Swine Flu.
On break of trend line on EOD charts, these issues can only get serious or some more issue can emerge and Nifty future can see more down side.
I would not advise any buying at this levels. Lets wait to see if Trend Line is broken on the EOD chart.
Please do not forget to use the STOP LOSS levels. Trade cautiously.
With Best wishes,
Ketan Asher.
Words of Wisdom
Great traders focus on the two things they can always control:
when they play and how much they bet.
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