Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
In yesterday's trading, Nifty Future made a sharp up move, but could not sustain above 5065 and also closed below that level @ 5059. As such, Nifty future continues to remain within the trading range. If it makes a new high tomorrow, it will only expand the trading range on the upper side - as can be observed from the 30 min chart.
Tomorrow, Nifty Future should be bought only if it trades above 5100 for 10 - 15 min. On higher levels, Nifty Future will find major resistance at 5150 and 5170. If Nifty trades above 5100, long positions should be trailed with stop loss of 5065.
Nifty Future should be sold only below 5000 with stop loss of 5040. On downside, Nifty Future will find support @ 4940 and 4920. Below 4900 it will get very weak.
In the recent past, Put Call Ratio of Index Options goes up when market rises and goes down when market comes near the lower trading range. Keeping with this trend, PCR ratio increased to 1.16 as against 1.05 on the previous day.
At higher levels, volatility will increase, so please do not forget to use STOP LOSS.
At higher levels, volatility will increase, so please do not forget to use STOP LOSS.
With Best Wishes,
Ketan Asher.
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