Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE :
Last Friday Nifty Future finally broke the earlier high and made a new 52 week high at 4754. Interestingly, while Nifty Future made a new high, BSE Sensex did not make a new high. This in my opinion is a type of divergence and should not be ignored. It does indicate that the sailing is not smooth and to some extent it also indicates indecisiveness of the market.
I would also highlight that it has not yet crossed over 4766 which could act as a significant resistance in view of it being .618 level of 6336 and 2228. Tomorrow happens to be the last trading day of the month and hence it will be interesting to see at what level the markets close tomorrow as the monthly candle will then indicate strength/weakness accordingly.
I would also highlight that it has not yet crossed over 4766 which could act as a significant resistance in view of it being .618 level of 6336 and 2228. Tomorrow happens to be the last trading day of the month and hence it will be interesting to see at what level the markets close tomorrow as the monthly candle will then indicate strength/weakness accordingly.
For tomorrow, i would not adivse buy side trades as i would wait to see whether Nifty Future manages to close above 4770. On higher side 4800 and 4865 will act as resistance levels.
Nifty Future may be sold below 4650 with stop loss of 4685 and target 4590 and 4550 will act as supports.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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