Charts: SBI - SAIL - RELIANCE
Charts : MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
Friday's trading was a relatively narrow trading day, with Nifty Future going sideways for better part of the day. The positive thing to be read form this type of movement is, that the market does not want to go down. Moreover, the weekly close is also suggesting up move, as the close has been near higher levels of the week.
For tomorrow's trading, market can be expected to open strong. Nifty Future may be bought in the opening session with Stop Loss of 4990. Above 5050, Nifty Future will face Resistance at 5075 -5100 and 5165. Level of 5075 could end up as a major hurdle.
On lower side first sign of weakness will be if Nifty trades below 4950. Below that it will find support @ 4900 and there after we can quickly see the levels of 4835.
Stochastics on EOD chart is over bought and hence Nifty Future may retrace after touching 5075.. Hence long positions should be trailed with reference to tomorrow's opening levels.
Put Call Ratio of Index Option is at 1.36 as against 1.28.
Please do not trade without STOP LOSS.
With Best Wishes,
Ketan Asher.
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