Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE :
In today's trading Nifty Future did open firm and went up, mainly on account of Reliance. After the initial high, it remained largely sideways but firm and closed near the high of the day. Thus it can safely be assumed that tomorrow's opening session would be good too.
Considering Dow's New high today, we can expect to cross the high of 5165 with a target of 5185. Above this level, we will have to contend with major resistance @ 5350.
Nifty Future can be bought with stop loss of 5075 for the higher targets.
The question of going short will arise only if Nifty Future is to go below 5070 with stop loss of 5100. Although this situation is unlikely with Reliance making a strong move today.
Are we getting ready for the last leg of this rally?
On close scrutiny of Weekly chart (will post tomorrow), you will find that we are now entering the zone when Nifty had major fall in two weeks of Jan 2008. It is safe to assume, that even while going up we may have a swift move up (exactly reverse of the fall) and will do the old levels ( read 6336) in a jiffy. I would like to remind the readers the old dictum : Sell the rallies, if you believe that the rise which is largely due to stimulus, may eventually fail and if you are sitting on cash you can support the market at appropriate lower levels.
What i am referring here is to reducing the long position and selling on delivery basis around 5500+ levels and not suggesting any shorts at current levels. You will do well not to fight the trend.
Put Call Ratio of Index Options is @ 1.21 as against 1.10 on the previous day.
Put Call Ratio of Index Options is @ 1.21 as against 1.10 on the previous day.
Please do not forget to use STOP LOSS.
With Best Wishes,
Ketan Asher.
PS: Inordinate delay in today's post is deeply regretted.
No comments:
Post a Comment