Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
In Friday's trading, Nifty closed weak and gives an impression that it is about to go for a deep correction. This may appear deceptive in view of :
1) Trend Line on EOD chart - which could offer good support one more time,
2) up move in US markets on Friday and last but not the least
3) possibility of amicable settlement of Reliance dispute as indicated by a reputed
channel.
In view of the above, it is likely that market may open weak and then start going up. One can buy Nifty Future above 4925 with day's low as Stop Loss. The resistance levels on the way up are - 4955 - 5005 and major hurdle at 5065. It is better to buy 5000 or 5100 Call Option in the early trades.
At these levels i would not advise going short in Nifty Future.
Put Call Ratio of Index Option was considerably lower at 1.07 as against 1.27 on the previous low.
With Best Wishes,
Ketan Asher.
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