Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE 30 MIN
NIFTY FUTURE:
On the back of good rise in US markets yesterday, Nifty Future opened with a Gap and made a top @ 5019 (hitting my stop loss for only 9 points) Although the Advance Decline ratio was quite favourable throughout the day, Nifty Future languished in 30 points range for most of the day. On one side Reliance was supporting the Nifty Future where as SBI was pulling it down.
While there may be optimism around us, fact remains, that truncated week will have its impact and coupled with strong resistance of 5050, a downside correction up to 4800 can only do good for the Nifty Future's further up move in the coming weeks, Lets face it we are at the highest levels of the past 6 months and all the experts have been declaring that at current PE levels market looks expensive.
For tomorrow, i will not advise buying at higher levels, instead inaction is also a better option. If Nifty Future trades below 4965 it would be better to sell with stop loss of 5010. It will find support @ 4935 - 4900 - 4865 and 4800.
For tomorrow, i will not advise buying at higher levels, instead inaction is also a better option. If Nifty Future trades below 4965 it would be better to sell with stop loss of 5010. It will find support @ 4935 - 4900 - 4865 and 4800.
Put Call Ratio for Index Options was marginally lower @ 1.05 as against 1.25 on previous day. It may noted that that PCR has been consistently remaining above 1 for quite some time now.
Please do not forget to put STOP LOSS.
With Best Wishes,
Ketan Asher.
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