Charts: SBI - SAIL - RELIANCE
Charts: ICICI BANK - MARUTI - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
In today's trading Nifty Future continued its forward march to cross the previous high and also closed at the higher levels for the day. Although Nifty Future has not crossed the hurdle at 4925, the same should most likely be done in tomorrow's trade.
One can buy Nifty Future above 4925 with stop loss of 4885 for a target of 5000. Existing long positions should be protected with stop loss of 4850.
Nifty can be sold short if it trades below 4880 with stop loss of 4925. On downside it will have support @ 4800 - 4740 - 4700.
Put Call Ratio for Index options has increased to 1.77 as against 1.24 yesterday - which indicates indicates bearishness on the part of the market participants, To see the same PCR with a contrarian view - it can be inferred that generally the markets move against the public expectation and hence the up move can continue.
I have drawn a trend line on the Nifty future EOD chart which can be used as a reference point for starting of down move, For example, if the trend line has to break tomorrow, Nifty Future has to trade below 4700 for major down move to start.
I would continue to maintain that it is prudent to trade in options and not to forget using Stop Loss.
With Best Wishes,
Ketan Asher.
Words of Wisdom
We do not see things as they are, but as we are.
We do not see things as they are, but as we are.
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