Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
In the opening trades, Nifty Future opened with a downside gap and took support @ 4933. After the announcement of Credit Policy, the market cracked led by Realty and Bank stocks loosing between 5 to 10%. As 4900 levels of Nifty Future was broken, all the stop losses could have triggered and took Nifty Future to 4838 levels and it closed @ 4848 which is near the days' low.
While Nifty Future did go lower than my expectation of 4900 levels, I still believe there would be a pull back whereby Nifty Future will test 5000, before continuing the fall.
For tomorrow's trading, i would advise buying in the open with 4790 as stop loss. On the way up Nifty Future will find resistance at 4920 - 4940 - 4980 & 5000 levels. It will be safer to buy 4900 or 5000 call option for current month.
Put Call ratio of Index Options reduced to 1.02 as against 1.12 on the previous day.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
Words of Wisdom
Forgiveness is the fragrance that the
violet sheds on the heel that crushed it.
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