Charts: SBI - SAIL -RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
Although a very narrow range day, the good part was that despite weakness in global markets, Nifty Future did not go below the sell level of 4785 given for today. Nifty Future continues to remain in the lower top lower bottom formation - hence possibility of sharp down move can not be ruled out as yet.
Normally, a major down move occurs after the stock/index makes a double top and then tanks. In the current scenario, we have yet to see the double top in Nifty Future. Precisely for this reason, i had indicated sell near 4900 with stop loss of 4925 and would like to continue the same guidance for tomorrow.
Nifty Future below 4785 should be considered for initiating fresh short, with stop loss of 4820. On downside 4750 - 4725 - 4680 and 4650 will act as support levels.
New buying should be considered only above 4925, with stop loss of 4880.
Put Call Ratio continues to remain at yesterday's level of 1.24.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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