Charts: SBI - SAIL - RELIANCE
Charts : ICICI BANK - MARUTI - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE :
Finally Nifty Future made one more 52 week high @4805 - overcoming the hurdle @ 4766 and also closed at the higher levels. With US markets being closed today, may be there was no fear factor. Should we join the party ? Yes - as long as Nifty Future remains above 4750.
Although Nifty Future made a new high - Put Call Ratio for Index Options remains above 1 @ 1.19 (previous day - 1.02). This indicates that although people are bullish, they would like to protect their long positions with buying puts.
I have shown some fib ratios on the Nifty Future EOD chart which may be worth observing/understanding. Ideally, i would suggest not to buy tomorrow for the 1st half an hour and better to watch the market action to confirm whether today's bullishness is continuing for tomorrow. Below 4750 long positions should be protected with tight stop loss.
Short position can be taken below 4720 with 4750 as stop loss. 4690 - 4660 and 4600 will act as supports.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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