Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
NIFTY FUTURE:
In last Friday's session Nifty Future remained below 5010 and maintained bearish bias. This week will have only 3 trading sessions, leading to cautious approach by the players and inherent disadvantage for the call buyers. With US markets showing downward bias, we too may feel the effect of the same. Please see the attached Nifty Future 30 Min chart to see how Pitchfork became hurdle to Fridays' up move.
I would continue to maintain downward bias and advise selling Nifty Future below 4975 with 5010 as Stop Loss. On down side, 4920 - 4900 and 4870 are support levels. If trend line @ 4870 is broken, 4810 will be a good support level, from where Nifty Future can make an attempt to move up.
Put Call Ratio of Inex Options increased to 1.25 as against 1.11 on previous day. In a way this too confirms that market players continue to remain cautious.
This short week may offer a good opportunity for a correction before market starts moving up again, hence buying at support could turnout to be a better strategy.
With Best Wishes,
Ketan Asher.
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