Charts: TATA STEEL - SAIL - RELIANCE
Charts; MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
Last Friday, which happened to be 64th trading day from the Post Election Gap open, remained a narrow range day with downward bias. Inspite of good close on Thursday, Nifty Future could not even make a higher top -may be just a consolation for my having identified the day which could be important, based on one of the important ideas of Gann theory - as i understand it.
On Monday we should know whether Friday's action was just a pause after 250 run on the previous two days or the rally has terminated at that level. Friday's close was on the lower end of the day and coupled with fall in US markets, opening on Monday can be weak.
Nifty Future can be sold below 4535 with stop loss of 4565. Nifty Future will find support @ 4485 - 4450 and 4400.
As i still maintain downward bias, i do not recommend any buy positions.
I would like to add here that Reliance can play a major role to determine Nifty future's direction in the coming week. If Reliance breaks below 1970, it can take Nifty Future to lower levels and if it crosses 2135, it can help Nifty Future cross above 4730 - on Friday Relaince closed @ 2035. Trust this helps.
In any case i expect Monday to be a big range day.
Whatever may be your view, please use STOP LOSS without fail.
With Best Wishes.
Ketan Asher.
Words of Wisdom
Everyone is wrong in the markets at times.
The difference between the great traders and
the unsuccessful ones is in how long they stay wrong.
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