Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
NIFTY FUTURE:
As expected Nifty future bounced back mainly due to support from ONGC, Reliance & Infosys. As has been happening while Nifty Future is in trading range, it is difficult to ascertain how much of the move is due to fresh buying and short covering. In absence of this information, it is better to be cautious and let Nifty Future close above 4766 at least for 2 days - so that we are confirmed that it wants to go up.
Considering Friday's close and up move in US markets, it is natural to expect a higher opening on Monday. On higher side 4730, 4770 and 4800 will act as resistance. For long positions, 4680 should be considered as STOP LOSS.
Short position may be considered below 4650 with stop loss of 4685 and target of 4600.
Below 4600 market may get very weak.
On the Nifty Future EOD chart i have drawn a triangle which indicates that Nifty Future should be able to find a direction in the next 8 days. Considering Monday's anticipated up move - one may be tempted to see further up side, but if it retraces from 4770 - i will be ready for a good down move.
Please trade carefully and do not forget to use STOP LOSS - irrespective of your own view.
With Best Wishes,
With Best Wishes,
Ketan Asher.
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