Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
In today's trade Nifty Future opened at higher levels, in line with rise in US markets, but could not go above the resistance level of 5165 (shown as Trend Line in 30 min chart). Banking Sector and Reliance were weak and thereby affecting the Nifty Future. It closed nearer to the low of the day, which indicates weak opening for tomorrow.
For tomorrow's trading it will be better to sell Nifty Future below 5130 with stop loss of 5170. On lower levels, 5075 - 5050 and 5015 will act as supports. Below 5065, weakness will accelerate and if 5000 is broken, the next major support will be 4900 and testing of 4750 will be a distinct possibility.
It is advisable not to buy Nifty Future/Stocks at higher levels, but to wait for a decent correction.
While SBI's EOD chart indicates a pause in the up move, it will be advisable not to make fresh purchases at higher levels, since banking stocks in general have increased by about 20% in last 10 days.
Lets hope the much awaited correction has set in, so that one can make new purchases at lower levels.
Put Call Ratio of Index options has once again increased to 1.33 levels as against 1.15 in the previous trading day.
Please do not forget to use STOP LOSS.
With Best Wishes,
Ketan Asher.
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