Charts: TATA STEEL - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
Contrary to my expectation, Nifty Future opened higher (but not with a gap) on the back of positive close in US markets. Majority of the gains were lost in the last one hour, as Nifty Future came back to almost near the levels where it started the day. That itself speaks for the strength of the market at higher levels and consequently my reluctance to give buy trades. Once again the weakness was led by Reliance. We have no choice but to live with this volatility, till Nifty Future tanks below 4300 or decisively moves above 4700.
Considering the way Nifty Futures came down in the last hour, once again i am left with no option but to suggest weakness for tomorrow - except of course if US markets have something different in store tonight. Nifty Future sell may be considered below 4420 with stop loss of 4460 and ideally the position should be trailed with a stop loss. If Nifty Future goes below 4300 it may give good profits. Buying 4300 puts may be considered if Nifty Future makes a new low below 4340 although only 5 trading days are remaining for settlement including tomorrow. At lower levels Nifty Future will find support @4300 - 4260 and 4220.
Please do not trade without STOP LOSS.
With best Wishes,
Ketan Asher.
Words of Wisdom
Success in trading and life comes from knowing your edge,
pressing it when you have the opportunity,
and sitting back when that edge is no longer present.
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