Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
In today's trading, Nifty opened near yesterday's levels and had a sustained rise once it crossed 4925 to make intra day high of 5024 and closed near the days' high @ 5009. Considering the steep rise, the worrisome factor is the V shape recovery since the time it made a low of 4531 just six trading days before. While last week, people were looking for bottom, we are now at the striking distance from the previous high.
Considering the steep rise, i feel 5050 may be a hurdle and Nifty Future may see a pull back up to 4925 before resuming its upward journey. If you share this view, please be cautious for tomorrow near 5050 levels. Existing long positions will do well to trail their long positions with a tight stop loss around 5000 or about 25 points below the day's open.
I would not advise fresh buying tomorrow at higher levels and as weakness will accelerate only below 4900, one should be cautious, also for going short. Depending on the market movement, aggressive traders may go short near 5050 levels with a strict Stop Loss of 5080.
Put Call ratio of Index Options increased to 1.33 as against 1.25 on the previous day.
Please do not forget to use STOP LOSS, as money saved is money earned.
With Best Wishes,
Ketan Asher.
Words of Wisdom
Believe in the beauty of your dreams,
because for GOD nothing is impossible.
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