Charts: SBI - SAIL - RELIANCE
Charts : MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
In today's trade Nifty Future went sideways for better part of the day and as it could not go above 5130, it fell to make low of 5058 and closed @ 5070. While SBI and Reliance led the fall, Infosys and Tata Power reduced the extent of fall.
We are now close to the trend line support @ 5025 and we have to see if Nifty takes support one more time. Moreover, 5050 (50% level) will also offer support. In view of the same i would suggest not to take fresh positions for the first 15-30 minutes in the opening session. If market takes support in 5025-5050 region, one can consider going long above 5065 with days low as Stop Loss. On higher side 5100 and 5150 will act as resistance levels.
Fresh short position should be considered only below 5000 with 5040 as Stop Loss. On downside 4950 and 4900 will act as supports.
Put Call Ratio of Index Options is @ 1.23 as against 1.33 yesterday.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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