Charts: TATA STEEL - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
In today's trading Nifty Future made a lower bottom and lower top thereby continued to show weakness led by Reliance & Infosys. However, after breaking the much talked about 4350 level it took support on the trend line and made a sharp pull back of about 80 points and closed @ 4386.
Tomorrow, if the markets open weak, Nifty future can be sold in the opening session with a STOP LOSS of 4425 and target of 4300 and below that 4225.
I would like to caution the readers that as we are approaching FNO settlement next Thursday - 27.08.09, it is important for those who have bought Puts of 4400 & 4300 strike price to sell them as they will loose value as the days pass by. If due to weak US/Asian markets, our markets open weak - quite likely, than puts can be sold partially at 4300 level and in the event of further weakness upto 4225 levels, the remaining lots should be sold.
It is not advisable to remain short in Nifty Future above 4460 and short position in individual stocks sholud also be avoided.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
Words of Wisdom
Truth will be truth - regardless of closed mind,
ignorance or the refusal to believe.
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