Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
In today's trading, Nifty Future opened well but got an opportunity to correct on the back of Negative news about Telecom Stocks. For second consecutive day, FMCG stocks continued to surge and along with Bank stocks helped Nifty Future recover smartly from the bottom of 4918. Only worrying part is that Reliance although looking strong since morning did not participate in the rally in the second half of the day. In view of the high level of volatility, some part of the push should also be attributed to short covering.
From the way Nifty Future closed today - near the high of the day, it is expected that we should have a strong open. Long position can be taken with 4985 as the stop loss. If it manages to cross 4065, new high should be possible. Thereafter 5135 - 5150 can be a major hurdle.On downside Nifty Future should be sold only below 4985 with 5010 as Stop Loss. Break of 4920 can take Nifty Future down to 4865 and 4835.
Put Call Ratio for Index Options went up, to 1.32 as against 1.21 yesterday. It is interesting to note that the moment market rises PCR goes up.
Markets are quite volatile, so trade carefully and do not forget to put Stop Loss.
With Best Wishes,
Ketan Asher.
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