MARUTI
TATA STEEL - SAIL - RELIANCE
ICICI BANK - NIFTY FUTURE EOD - NIFTY FUTURE 30 MIN
NIFTY FUTURE:
Nifty futures saw a sharp upmove after making a bottom at 4351 - just 26 points before the 4325 target given yesterday. I hope the readers have covered their short position in Nifty future and individaual stocks as advised in the yesterday's post.
For those who have covered their short position, will get another chance to go short at higher levels. Tomorrow Nifty future may find resistance at 4500 and major resistance at 4550. At this levels one can sell Nifty Future with a Stop Loss of 4590. Alternatively, one can also buy 4400 Puts. On the down side - below 4525, it will get support at 4450 and 4400.
While looking at today's upmove, one may get tempted to belive that worst is over - but it does not look like it on the EOD charts, because the oscillators continue to be in the sell mode for Nifty future as well as the heavy weights. At higher levels, 4600 can also act as a strong resistance.
In case you share this view, do sell at higher levels with suitable STOP LOSS and wait for making new purchases.
With Best Wishes,
Ketan Asher.
Words of Wisdom
Risks and rewards are always proportional.
The latter, in life as in markets, requires prudent management of the former.
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