Charts: TATA STEEL - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE :
NIFTY FUTURE :
Today Nifty Future opened with almost 60 points gap and thus set the bearish tone for the day. While there was no panic yet, Nifty future lost gradually throughout the day to close @ 4372 - near the day's low of 4358.
Most likely, Nifty future will break the previous weeks' low of 4351 tomorrow and can find support at 4300. If it trades below this level, it would have broken the trend line and also the 50% level from the bottom of 3905. Thereafter, it will find support @ 4220 and make an attempt to bounce back - hence it is advisable to cover the short position at least partially.
Below 4200 it can easily retest 3900 levels.
The bounce can take the Nifty Future up to 4325 - 4450 levels. This down trend can be considered to be over only if Nifty Future manages to close above 4500.
Those who have sold their shares on delivery basis should wait for panic days to replace their shares. To illustrate this point, i would suggest that Reliance can be replaced in 1500 range.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
Words of Wisdom
Expect Nothing, be prepared for everything.
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