Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
NIFTY FUTURE:
On last Friday, Nifty Future opened with a gap - on the back of rise in US markets, but could not go above 4834 and also filled the day's opening gap by going down to 4758 (and made tweezer bottom on 30 min chart) and closed @ 4790. On Weekly chart Nifty Future has closed positive for the week, but possibility of it going down for making double bottom can not be ruled out yet.
Tomorrow, in opening trades Nifty Futures should be purchased only above 4825 with stop loss of 4790. On the way up it will face resistance @ 4850-4870 and major resistance @ 4920. Aggressive traders can create short position at this level with stop loss of 4970 or sell 5000 call option or buy 4800 put option, as market can see a correction from this level.
Fresh short position should be taken if Nifty future trades below 4745 with stop loss of 4800. On the way down it will find support @ 4680 and 4650.
Put Call Ratio of index options has increased considerably to 1.43 as against 1.01 on the previous trading day. By this the conclusion to be made is that market participants expect to see correction. However there is no reason to believe that collective wisdom can be right.
Please do not trade with out STOP LOSS.
With Best Wishes,
Ketan Asher.
Words of Wisdom
Man must not allow the clock and the calendar
to blind him to the fact
that each moment of his life is a miracle and a mystery.
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