Charts : SBI - SAIL - RELIANCE
Charts : MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTU FUTURE 30 MIN
NIFTY FUTURE:
Today's trading was rather insipid from day traders' point of view with Nifty Future - after opening with a gap, moved in a fairly narrow range compared to the present range of about 100 points almost every day. May be there was a divine guidance to our Nifty that Dow will be making a new 52 week High after we close and now it is but natural to expect, that we will have a firm opening tomorrow.
In the recent past market has often reminded us, that forget the fundamentals but focus on the inherent strength of the market and trade accordingly. Those who have cared to follow the TP Grid will know that bearishness is quite far off with H at 4654 and hence will think only Teji. I would reiterate, that if u want tension free trading, please follow/refer TP Grid.
For tomorrow, bearishness should be considered only below 5025 and if we have a gap up opening as anticipated, first sign of weakness will be below 5050. This will also be the point where one can trail existing long position.
On higher side Nifty Future will find resistance at 5100 and thereafter there may be some resistance at the old top of 5168 levels. i would like to caution those who are thinking of going long after the previous top is broken, that as we go higher (towards 5500), the risk reward ratio is very much against the new buyer. To that extent, those who have bought at lower levels will have to just trail the profits. As it always happens the common man will start getting in overdrive as the media starts flashing New Highs and ultimately he is the one who bells the cat every time.
Put Call Ratio of Index Option was @ 1.41 as against 1.36 on the previuos day.
Expect tomorrow to be a wide range day and please do not forget to use STOP LOSS.
With Best Wishes,
Ketan Asher.
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