TURNING POINTS FOR 18.11.2009

Charts: SBI - SAIL - RELIANCE

Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD

NIFTY FUTURE 30 MIN
NIFTY FUTURE:

In today's trading, Nifty Future opened flat, ignoring the good clues from US markets. During the day, it went down to a low of 5006 and in the process filled up the gap left yesterday. In the last 2 hours Nifty Future once again had a sharp up move to close near the day's open. The EOD candle looks positive as there was a sharp up move, that too without breaking 5000 levels. Infosys helped to stem the fall, by rising about 2% in an otherwise weak market. The only negative for the day was that Nifty Future did not break yesterday's high and thus has done lower bottom and lower top.

For tomorrow's trading, fresh long position should be taken only if Nifty future trades above 5085 with Stop Loss of 5050. On higher side Nifty Future will face resistance at 5100 and 5150.

In view of the pull back today, Nifty Future should be considered weak only below 5000 and short position can be taken below this level with stop loss of 5045. On lower side Nifty Future will find support at 4950.

Put Call Ratio of Index Options was lower @ 1.22 as against 1.41 yesterday.
Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

Words of Wisdom
We do not see things as they are, but as we are.