NIFTY FUTURE EOD
Charts ; TATA STEEL - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE 30 MIN
NIFTY FUTURE: Please spare a min to see Nifty EOD chart.
I start my workshop with 1st slide that reads -
I start my workshop with 1st slide that reads -
FUNDAMENTAL RULE : MARKET HAS A LAW OF ITS OWN.
For the workshop it is more of a caveat, I think the last two days price action has proved the above law in ample measure. Yesterday's low was 4351 and today's high 4623 and close 4611. Difference is 272 points (6.25%), in just 2 days when the two reasons for which the market fell, remain unchanged.
Is my bearish view near 4600 - 4700 incorrect? May be, but i will accept that i was wrong in having bearish view, only after seeing tomorrow's market close.
At least for tomorrow, i will continue my view to go short when Nifty Future is below 4660 with stop loss of 4700 or one can buy 4400 puts so that risk is limited.
On the down side, below 4540 the market can find support near 4500. Below this level it will be better to trail the Nifty Future.
Needless to repeat, i do not advise buying at higher levels. I would prefer to be safe than sorry - by getting stuck at higher levels - in case my view is correct.
Please do not forget to put STOP LOSS whatever your view might be.
In my opinion tomorrow is an important day for the MARKET.
With Best Wishes.
Ketan Asher.
Words of Wisdom
The worst decisions, in life and markets,
come from extremes: overconfidence and a lack of confidence.
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