NIFTY FUTURE 3O MIN
Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE :
In today's trading Nifty Future opened at previous day's levels and by mid-day made a high @ 5042, but gave up all the gains in last one hour of trade, to close at the lower levels of the day. Today's close is decisively below the trend line, which indicates still lower levels for the Nifty Future. Another important positive feature for today's trading was that Infosys and FMCG stocks were firm. As such, FMCG index even made a new all time high.
Tomorrow is an important day, as RBI will be announcing Credit Policy. If there are no major negatives in the Credit Policy, Nifty Future may take support @ 4900 levels and bounce back. We also have FNO settlement on Thursday and month end approaching immediately thereafter. In view of the same, i feel a bounce back is possible up to 5100 and in the process it will form Right shoulder of the Head & Shoulder pattern on 30 min chart. Thereafter, Nifty Future may tests 4700 levels.
If you find the above arguments logical, please avoid going short at these levels. Instead, consider buying Nifty future near 4900 levels with 4865 as Stop Loss. On its way up 5000 - 5045 and 5065 will act as resistance levels.
If you find the above arguments logical, please avoid going short at these levels. Instead, consider buying Nifty future near 4900 levels with 4865 as Stop Loss. On its way up 5000 - 5045 and 5065 will act as resistance levels.
It will be better to trade in Options, that too for the current month as the time value will be negligible.
Please do not forget to use STOP LOSS.
With Best wishes,
Ketan Asher.
Words of Wisdom
There are no real failures in life, only results.
There are no true tragedies, only lessons.
And there really are no problems,
only opportunities waiting to be recognised as solutions.
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