Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
Charts : NIFTY FUTURE 30 MIN
NIFTY FUTURE:
As anticipated yesterday, Nifty Future did not breach 5049 made yesterday (also an important Gann date) and there by vindicating my view that 5050 should act as a major hurdle. In today's rather lacklustre trading, in the last half hour of trade, market made a sharp down move to make a bottom @ 4951.
It is likely that tomorrow being the last trading day for FNO settlement, Nifty Future may take support at 4920 and try to retest 5000 levels. For this to happen, Reliance has to once again move above 2110.
If the market has to go down for a deeper correction, it will make a double top or come nearer 5000 levels and then fall once again, in the new series. This would confirm the point made yesterday that 5050 should act as a major hurdle.
Tomorrow being the last day of FNO settlement, it is natural to expect higher level of volatility and therefore it is advisable to be very selective in taking intra-day trading calls. I do not advise any new buying at these levels and it will be better to watch how the market behaves post FNO settlement.
Put Call Ratio for Index Options has reduced to 1.19 today as against 1.39. The way PCR has fallen in last three days, i wouldn't be surprised to see that this ratio goes below 1 in the new series.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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