Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
On the back of Reliance Bonus euphoria Nifty Future went up to 5043 but could not go above 5065. During the later part of the day Reliance itself saw some profit booking and closed near the low of the day. This confirms that Bonus issue is just a feel good factor but market price has many more determinants. To trade in Reliance, please refer 30 min chart, wherein i have given the trading points.
Important feature of today's trading is, that Nifty Future has not broken yesterday's low so the bias has to be up side. However, tomorrow' s trading will be largely influenced by Infosys results and the guidance given by the Company. Good part is that the sane will be available before the market opens. It will be better to let the market absorb the results and look for first trade only after about 15 min of trade.
At this stage, i would only say that Nifty Future below 4955 is the first signal for bearishness, which will get accentuated when Nifty trades below 4920. On downside Nifty Future can go upto 4845.
Buy side trades should be considered above 5015 with stop loss of 4980. On higher side Nifty Future will find resistance at 5065. Above that it can go up to 5150. This can happen if Infosys results are perceived to be better than expected and Reliance trades above 2150.
Today Put Call Ratio of Index Options was marginally lower (indicating upside bias) at 1.27 as against 1.37 yesterday.
Nifty Future has been in narrow range for the past few days, so either side the move will be very sharp. Please do not forget to use STOP LOSS.
With Best Wishes,
Ketan Asher.
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