Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE EOD
NIFTY FUTURE:
Today Nifty Future opened with a downside gap and made a low near 4756 and thereafter filled up gap and made an attempt to go up. In the last one hour it washed out all the gains made from the day's low and made a new low @ 4748 . Being FNO settlement day it was expected to be a volatile day and it happened that way.
What next?
In my opinion this correction - albeit too fast, will offer a good opportunity, to those who have sold at higher levels and also to those who had got left out of this big run. Those buying on delivery basis should start buying front line stocks, in small quantity, so that even if Nifty Future goes down to 4500 level one can buy some more. The good part of this week's correction is that, with only one more day to go for completion of the month, it has not broken previous months' low of 4571.
For the past two days, i have been suggesting buy trades, as 4700-4730 level can offer very good support and there is a good possibility that market can suddenly start a pullback rally.
Tomorrow one can consider buying Nifty Future above 4840 with Stop Loss of 4800. On higher levels it will find resistance @ 4865 - 4900 and 4950.
Put Call Ratio of Index Options, marginally increased to 1.06 from yesterday's level of 0.93
While it is a good opportunity for delivery based buying, day traders should not forget to use STOP LOSS.
With Best wishes,
Ketan Asher.
Words of Wisdom
Nothing great was ever achieved without enthusiasm.
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