Charts: SBI - SAIL - RELIANCE
Charts: MARUTI - ICICI BANK - NIFTY FUTURE EOD
NIFTY FUTURE 30 MIN
NIFTY FUTURE:
In today's opening session Nifty Future contrary to my expectation, opened lower than yesterday's close levels and then went down to take support @ .618 level @ 4600 and thereafter in the second half of the day zoomed up to cross yesterday's high and closed near the high of the day.
Considering today's close market is expected to open firm tomorrow and face major resistance @ 4850 levels. I would not recommend buying tomorrow as the recovery has been quite sharp . Moreover, tomorrow being the last day of the week, we will also have weekend considerations. Intra day volatility is the order of the day and i hope this blog is able to help you make some sense of it.
Considering today's close market is expected to open firm tomorrow and face major resistance @ 4850 levels. I would not recommend buying tomorrow as the recovery has been quite sharp . Moreover, tomorrow being the last day of the week, we will also have weekend considerations. Intra day volatility is the order of the day and i hope this blog is able to help you make some sense of it.
I would not recommend chasing the stocks/Nifty Future tomorrow as we need to see the market reaction @ 4850 levels. Long positions in nifty Future should be trailed with stop loss of 4725. In case of any weakness @ 4850 levels it will be better to buy 4700 put options or sell 5000 call option. Above 4850 Nifty Future will face major resistance @ 4925.
On Lower side, break of 4680 should be considered as first sign of weakness and short position can be initiated below this level with stop loss of 4725. On down side 4650 can act as support and below this panic can return. Please do not discount the possibility of retesting 4500 even now, mainly because Nifty Future needs to spend some more time before it makes fresh upward thrust. For those who have bought in the last 2 day's will do well to book some profit and wait for market to come down.
Put Call Ratio of Index options remained @ 1.01 as against 1.04 on the previous day.
From Monday to Friday markets are volatile, so please do not forget to put STOP LOSS. Remember, money saved is money earned.
With Best Wishes,
Ketan Asher.
Words of Wisdom
Read every day something no one else is reading,
Think every day something no one else is thinking,
It is bad for the mind to be always part of unanimity.
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