TURNING POINTS FOR 30.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
Critical Levels :
Level 1: 5365, Level 2: 5225 and Level 3: 4800
NIFTY FUTURE :

Today's narrow range trading (33 points) on the FNO settlement day must be a rare happening. The day's high was 5415 and low was 5382 - marginally lower than yesterday.

In contrast, Bank Nifty has made a new 52 week high at 10198 and closed at 10182 - near the high of the day, suggesting strength and further up move tomorrow. Reliance continued it downward momentum and is precariously placed.

Tomorrow, long positions should be taken only above 5440 with stop loss of 5400. On higher side, it will find resistance at 5460 and 5515. Nifty Future has made a top on Gann turn date and has since broken the trend line - suggesting weakness. Tomorrow, if Nifty Future comes upto 5460 it will find resistance at the trend line, which has been broken once. Without participation from Reliance, it is unlikely that it can pierce the trend line and show strength. Reliance has to get back above 1051 to show strength.

Short position should be considered below 5380 with stop loss of 5420. on lower side it will find support at 5365 and below which weakness will accelerate.

Put Call Ratio of Index Option reduced to 1.02 as against 1.07 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 29.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

Though in today's trading Nifty Future opened steady, it refused to go up any further - despite good results (highest profits in last 10 quarters) declared by Reliance. As such Reliance itself led the weakness and in the 2nd half, Nifty Future precipitated to make a low of 5385 and closed at 5394.

Not only Nifty Future closed near the low of the day, it has also closed below the trend line shown on the EOD chart - suggesting weakness. Although this indicates that Nifty Future is ready to go down, I would like to caution that tomorrow is FNO settlement day and Reliance has multiple supports around 1020 level. Should Reliance surprise tomorrow on the up side, it could take Nifty Future up on account of short covering.

Nifty Future has good support at 5350 levels and hence I would suggest buying at these levels with stop loss of 5325. On higher side, Nifty Future will find resistance at 5425 - 5440 and 5460. It is advisable not to remain short, if Nifty Future moves above 5460.

For the reasons stated above, I would not advise going short at lower levels tomorrow. Moreover, being FNO settlement day volatility would be higher.

Put Call Ratio of Index Options decreased to 1.07 as against 1.17 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 28.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
Critical Levels below which, weakness will accelerate:
Level 1 - 5365 / Level 2 - 5225 / Level 3- 4800
NIFTY FUTURE :
In yesterday's trading, Nifty Future opened flat and remained sideways in the first half and made a low of 5410. As there were no negative surprises in RBI Credit policy, it went to make a high of 5459 and closed at 5435. EOD candle resulted in a doji - indicating balance between buyers and sellers.

Quarterly results of Reliance were declared after the market hours and as the results are in line with the expectations, we can expect Reliance to provide the much needed lead to the market.

For today's trading, one can go long above 5460 with stop loss of 5435. On higher side, it will find resistance at 5475 - 5515 and 5545.

As indicated yesterday, Nifty Future has taken support on the Trend Line and hence selling should be considered only below 5400. On downside, it will find support at 5350.

Put Call Ratio of Index Options remained almost unchanged at 1.17 as against 1.15 on the previous trading day.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 27.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD
NIFTY FUTURE :

Contrary to general expectations, Nifty Future did not show any positive bias in the opening session mainly due to weak opening of Maruti - due to lower quarterly profits. Weakness persisted throughout the day with Nifty Future making low of 5417 and closed at 5423. Reliance continued to show weakness even today.

Another significant change that has taken place this week is - that due to passage of time, Nifty 52 week low that was 3905 till last week has now become 4341. What this means is that mid-point level (indicating balance) now stands at 4908. While as of today we are above this level, the next time when we move below this level - the bearishness will accelerate. Similar mid point level for Reliance stands at 1051 and today's low was 1050. This level should be of significance tomorrow, as the Company's quarterly results will be announced. Moreover, tomorrow is also date for RBI credit policy and this together may make it a volatile day.

For tomorrow, one can consider going long only above 5460 with stop loss of 5420. On higher side it will find resistance at 5475 - 5515. This will be possible only if , Reliance remains above 1071.

As we are close to the trend line support at 5400 we need to avoid short position near this levels, as market can take support and bounce back, in the event of some positive features in the RBI Credit policy or better than expected Reliance results. If 5400 is broken, we have 5350 level which may provide support, but as we will be below the trend line, market may become weak.

Effective today, I will be giving 3 different levels, below which weakness will accelerate. The purpose of these levels is to help you prepare for life below 5000 in the coming weeks/months. Taking leaf out of what happened to Maruti today (down 10%), please do not think they are too far away to worry.

Level 1 - 5369, Level 2 - 5225 and Level 3 - 4800. At each of these levels support can be expected at least once.

Various indicators suggest that market may not be able to sustain higher levels and hence delivery based selling is advised. While there may not be any reasons apparent today, they can always develop over a period of time.

Put Call Ratio of Index Options decreased to 1.15 as against 1.56 on the previous trading day.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 26.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In Friday's trading, Nifty Future opened firm and made a new high of 5476, but could not sustain at higher levels and made a low of 5428 and closed the day at 5444. Though the weekly close is positive and there has been a new high during the week, the last weeks' candle indicates more of a sideways trend.

As US markets have closed the week on firm note , we may once again see strong opening, but we have too see whether market is able to sustain at higher levels - particularly when Reliance is not participating in the up move. Reluctance on the part of the market to go up is evident and hence it is advisable to consider delivery based selling at higher levels.

For tomorrow, one can consider going long with a stop loss of 5420. On higher side it will find resistance at 5475 - 5515 and 5545.

Short position may be taken only below 5420 with stop loss of 5450. At lower levels, it will find support at 5350.

Put Call Ratio of Index Options has increased singificantly to 1.56 as against 1.05 on the previous trading day.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 23.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In today's trade Nifty Future opened weak and made a low of 5375 and thereafter steadily moved up. In the second half it started showing strength and finally managed to cross 5420 and made a high of 5459 and closed at 5454. My observations of the upmove finally materialising (without participation from Reliance) are as follows;

1. While Nifty Future managed to make a new high - as the premium over spot increased significantly, BSE Sensex did not make a new high. Well, it can do a new top tomorrow.

2. Considering above 2% increase in DOW, we can be fairly sure of a gap opening tomorrow and consequently a new high - that too on the Gann turn date as is being mentioned in my post for the past few days. Markets have a habit of making a climax top on such dates.

3. With new high in place, in the EOD chart negative divergence is appearing which suggest caution at higher levels.

In view of the above, while it will be good to ride the trend - we should not throw caution to the winds and it is always prudent to book some profit at higher levels and to say the least - avoid making new purchases at higher levels.

For tomorrow, one can go long (but not in case of gap open) with stop loss of 5415. At higher levels, it will find resistance at 5470 - 5515 - 5545 and 5570 (Pitchfork level shown in EOD chart in magenta colour).

Short positions should be considered only below 5400.

Put Call Ratio of Index Options increased to 1.05 as against 0.96 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 22.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In today's trade, Nifty Future opened firm on the back of positive close in US markets. During the day, Nifty Future made a high near 5412 twice, but could not cross the hurdle of 5420. All said, weakness in last one hour yesterday, was forgotten and once again it is keeping my hopes alive that Nifty Future will cross the hurdle of 5420 and 5450 soon. Steel sector closed firm and could take the lead tomorrow and will be supported by Reliance if it is able to move above 1071 and 1085.

Tomorrow, fresh long positions in Nifty Future should be taken with stop loss of 5370. On higher side it will find resistance at 5420 - 5450 and 5475.

Short positions should be taken only below 5340 with stop loss of 5375.

Put Call Ratio of Index Options decreased to 0.96 as against 1.16 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 21.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

Although Nifty Future opened firm this morning, and made a high of 5412 in the early trade - it could not cross yesterdays high. Thereafter, it remained quite listless (and boring) for the better part of the day. In absence of any buying support, it went down in the second half and ended the day on a bearish note by making a low of 5350 and closed at 5364. The good part of the day's trading is that the close has been on the the trend line and has also not gone below 5340 level indicated yesterday. This gives me some hope - though getting faint by the day, that Nifty Future may bounce back to new highs as we approach the Gann turn date of 23rd July.

For tomorrow, I would suggest buying only above 5385 with a stop loss of 5340. on higher side, it will find resistance at 5420 and 5450.

One can consider going short if Nifty future trades below 5340 with stop loss of 5375. At lower levels, it will find support at 5300 - 5270.

Put Call Ratio of Index Options remained almost unchanged at 1.16 as against 1.19 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 20.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

Much to every ones surprise, Nifty Future did not open with panic as was feared over the weekend. While it does show resilience on the part of Indian markets, the fact that it is not able to cross the 5420 levels - mainly due to lack of participation by Reliance, could also be interpreted as - lull before the storm! If you observe the EOD chart, you will find that tomorrow is the intersection of the Neck Line and the Trend Line and hence should provide the direction either way.

For tomorrow, I would continue to remain hopeful of the up move, as long as Nifty Future remains above 5340. Long positions - existing/fresh should be held with 5340 as a strict stop loss. On higher side, it will find resistance at 5420 - 5450. In case it manages to clear 5420 - short covering itself may lead to a new high and it will pave the way for my much awaited level of 5545 around 23rd July.

Short positions should be taken below 5340 with stop loss of 5375. At lower levels, it will find support at 5300 (Ellipse cusp and a good reason for bounce). However, if the Nifty Future closes below 5340, it would be below the trend line and hence market undertone may become weak.

Put Call Ratio of Index Options remained almost unchanged at 1.19 as against 1.22 on the previous trading day.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 19.07.2010

NIFTY FUTURE 20 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In Friday's trading Nifty Future opened steady and made a low of 5371 and in the second half remained firm and even made a high of 5405 and closed at 5398. It is pertinent to note that weakness in Reliance continues to remain the main reason for lack lustre performance of Nifty future.

After the close of our markets, US markets have closed very weak and this can be a good reason for our markets to open gap down. However, I would like to advise not to panic even if 5355 is broken, as we have support around 5320 - 5340, in the form of a trend line. In case this is breached, 5300 will act as a support since it is the cusp of the Ellipse being shown on the EOD chart. In view of these multiple supports, we can expect a bounce back which could act as a pleasant surprise. Please do not go short in case Nifty Future opens with a down side gap.

Tomorrow, in case of a gap down open as discussed above, one can consider going long near 5320 levels with stop loss of 5290. On the way up 5365 and 5405 will act as resistance levels.

Put Call Ratio of Index Options decreased to 1.22 as against 1.28 on the previous day.

Please do not trade without STOP LOSS, as my optimism may not be shared by the market.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 16.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In today's trading, Nifty Future opened weak and could not go above 5402 and by mid session made a low of 5362 and closed at 5382. It has once again taken support on the Neck Line and that makes me believe that Nifty future is poised to go up. However, as 5355 level has acted as support on 3 occasions - as shown on 30 min chart, long positions should be protected as we could see nearly 100 point fall from that level.

For tomorrow, long position should be taken only above 5420 with stop loss of 5365. on higher side, it will find resistance at 5450 and 5470.

As indicated earlier, market may become weak on break of 5355, I would not advise short position, as Nifty Future can take support around 5325 on the Trend Line shown on the EOD chart and bounce back to every body's surprise.

Put Call Ratio of Index Options has decreased marginally to 1.28 as against 1.34 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 15.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

On the back of strong closing in US markets, Nifty Future opened with a gap and made a high of 5454 in the early session. Thereafter, it retraced to fill the gap and remained sideways but in last hour it made a low of 5376 and closed at 5388. While the close is weak, we must also appreciate that it did not break yesterday's low and hence is still in the process of making higher bottom and higher top and also above the neck line. We must wait for tomorrow to decide if the market has made a false breakout and would like to give up the gains - my feeling is it will bounce back fro the midpoint i.e. 5340.

For tomorrow, as a matter of abundant caution, one should buy Nifty Future once it is above 5405 with stop loss of 5365. On higher side it will find resistance at 5420 - 5440 and 5475. i must remind the readers that for Nifty Future to gather strength, it is important for Reliance to move above 1090.

Short position may taken up below 5365 with stop loss of 5405. On lower levels, it will find support at 5340 and 5320.

Put Call Ratio of Index Options increased to 1.34 as against 1.24 yesterday and suggests extreme caution on the part of market participants.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 14.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In today's trading, Nifty Future opened steady and made a low at 5359 i.e. did not breach yesterday's low and thereafter in the second half made a smart recovery to decisively go above the neck line and the ellipse being shown on the EOD chart. In the last hour it made high of 5422 and closed near the high at 5417. This augurs well for a firm opening tomorrow.

It seems now, that it was worth our while, to monitor Nifty Future movement, through the ellipse for some time now. It is pertinent to note that, today's up move is despite weakness in Infosys - post weak results declared this morning. It must be noted that Reliance seems to have shrug off its lethargy and is now poised to lead the market. Real strength will be evident only above 1090.

Tomorrow, long position should be taken with stop loss of 5370. On higher side, it will find resistance at 5440 - 5470. It will be prudent not to remain short, once Niifty Future remains above 5420.

Short position should be taken only below 5365, with stop loss of 5400. On down side, it will find support at 5325.

Put Call Ratio of Index Options remained high at 1.24 as against 1.21 yesterday.

Please do not trade with out STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 13.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In today's trading, Nifty Future opened firm and made a new 52 Week High of 5400 - but suddenly lost the momentum after the May 2010 turned out to be lower than expected. The correction went down to make a low of 5356. At this stage out would like to highlight that the correction ended for Nifty Spot just above the Friday's high and hence Nifty Future did show marginal improvement to close at 5381. You will observe from the EOD chart that, Nifty Future has closed outside the ellipse and also above the neck line.

Tomorrow by the time market opens for trading, Infosys quarterly results would be known to the market participants and a lot for the market would depend on the results and the management discussion thereafter. The dampener for the market remains, non participation of Reliance.

For tomorrow, I would continue to advise long position with stop loss of 5320. At higher levels 5420- 5440 range could act as a major resistance. In today's EOD chart, I have also shown the upper level of the Andrew's Pitchfork (in magenta colour) which should be considered as the target for the coming days. This coupled with Gann turn date of 23rd July, should be closely watched.

Short position should be taken below 5320 with stop loss of 5350.

Put Call Ratio of Index options increased to 1.21 (indicating cautious approach) as against 0.95 on the previous trading day.

I would like to remind the readers, that though I had shown pattern target of 5770 yesterday, this could fail due to change in circumstances (read poor results/guidance by leading companies). In that event, Nifty Future below the neck line will indicate failed pattern resulting in low below 4786. In light of this possibilty, it would be prudent to carry out delivery based selling at higher levels, so that we are ready to buy at lower levels - should the opportunity arise. I would closely watch the level of 5545 and 23rd July.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 12.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

On Friday, Nifty Future opened firm and made a high of 5367 and pulled back to close the week at 5354. The weekly close should be considered strong and possibility of continuation of up move in the next week remains open. At this stage, I would like to draw your attention to the formation of an inverse Head & Shoulder (drawn on the EOD chart) with neck line at 5370. Incidentally, this neck line acted as a resistance for Friday's trading.

In the coming week, we need to move above this level and remain so to achieve pattern target of 5770 in the coming days/weeks. The close for the day has been just at the cusp of the Ellipse being shown on the EOD chart for the past few days.

While we will be in the midst of result announcements during this period, achieving this target will largely depend on the results announced by the leaders. In anticipation, Infosys did make a new 52 week high, but reluctance on the part of Reliance to participate in this buoyancy remains a concern.

For tomorrow, one can consider going long on Nifty Future above 5375 with Stop Loss of 5320. On higher side 5420-5440 can be an area of strong resistance which needs to be cleared.

Fresh short position should be taken only below 5300 with stop loss of 5340. At lower levels, 5225 and 5165 will offer support.

Put Call Ratio of Index Options reduced to 0.95 as against 1.05 on the previous trading day.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 09.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

On the back of rise in US markets, Nifty Future opened with a Gap - above the trend line shown on the EOD chart yesterday and made a high of 5340 i.e. below the ellipse level of 5350 indicated yesterday. It is important to note that Reliance is not participating in the up move and may be that is putting the brakes on Nifty Future to Cross 5350 or crossing the ellipse.

Though today's close is weak, as it is near the low of the day - I would continue to go long with stop loss of 5270, as today's close is above the trend line. On higher side 5350 continues to be the hurdle and thereafter we will have to contend with 5420 as a resistance level. I would like to caution that these higher levels will be possible, only if Reliance is able to move above 1075.

Short position should be taken below 5270 with stop loss of 5300. On lower levels, it will find support at 5240 - 5220.

Put Call Ratio of Index Options remained almost unchanged at 1.05 as against 1.03 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 08.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In light of Nifty Future facing resistance at the trend line shown on the EOD chart, it opened weak today and remained sideways and in the second half made a low of 5235 and closed at 5248. The positive feature of today's movement was that though Nifty remained weak (led by weakness in Reliance) throughout the day, it did not breach yesterdays low. The EOD candle leaves some hope that we should be able to hold 5200 level. The fact that 5200 is now an obvious level for weakness, we may not see this level at all. Nifty Future will now get strength above 5300 level - at the break of the trend line which acted as a resistance level yesterday.

For tomorrow, one can create long position above 5275 with stop loss of 5240. At higher levels, it will find resistance at 5300 - 5320 and 5350. Tomorrow, Nifty Future will cross the ellipse above 5350 level.

Fresh short position should be taken only below 5200 with stop loss of 5240. At lower level, 5150 will provide support, but the market will become weak if it closes below 5200 -Looking at the US markets at the time of writing, it does leave hope that 5200 level may not be broken. In that respect, tomorrow should be an important day for the market.

Put Call Ratio of Index Options decreased to 1.03 as against 1.13 yesterday - this too is suggesting an upward bias!

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 07.07.2010

NIFTY FUTURE 30 MIN /NIFTY FUTURE EOD

NIFTY FUTURE :

In today's trading, Nifty Future opened firm and remained steady in the first half of the day. In the second half - led by Banks & Infosys, Nifty Future made a sustained up move to make a high of 5314 and close of 5307. Nifty Future faced hurdle at the trend line, shown on the 30 min chart.

For tomorrow, fresh long positions should be taken only above 5320 with stop loss of

5295. At higher levels, it will face resistance at 5365 and 5420. For sustained up move, it is important for Reliance to move above 1100.

If we are able to close above 5365 tomorrow, we would be crossing the upper level of ellipse being shown on the EOD chart for some days now. I would consider this to be the first indication to suggest that we will soon see life above 5400. Will this happen tomorrow? Well it could - if Reliance participates.

Short positions should be taken below 5270 with stop loss of 5300. At lower levels, it will find support at 5240 - 5200.

Put Call Ratio of Index Options remained almost unchanged at 1.13 as against 1.15 yesterday.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 06.07.2010

NIFTY FUTURE 30 MIN /NIFTY FUTURE EOD

NIFTY FUTURE :

"Bharat Bandh" today affected the market in the form of narrow range of 30 points and low turnover at the bourses. The good part was that 5225 level was not broken today.

For tomorrow, long position should be taken only above 5275 with stop loss of 5245. On higher side it will find resistance at 5320 - 5365 and 5420.

Fresh short position should be taken only below 5200 with stop loss of 5230. At lower level, it will have support at 5150 and 5080.

Put Call Ratio of Index Options increased to 1.15 as against 1.01 on the previous trading day.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 05.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

At the end of Friday's trading, on the weekly chart - we have made lower top and lower bottom - a bearish signal. However, the positive part of Friday's trading was that Nifty Future did not break below previous two day's low of 5225 and also the trend line shown on the EOD chart. This leaves some hope that we may soon continue the upward march. As such i see the formation of Right shoulder happening at the moment - of an Inverted Head & Shoulder. Once the pattern gets formed, I will include the same in the EOD chart.

For tomorrow, one should consider long position above 5275 with stop loss of 5250. On higher side, it will find resistance at 5325 - 5375 and 5420. It is advisable not to remain short, once Nifty Future trades above 5325.

As mentioned earlier, 5225 is being held for the last 3 days, hence break below this level could trigger majority of stop losses for long position. In view of the same it is advisable not to go short at that level. Instead, one can consider going long at the next major support of 5165, with stop loss of 5145.

Put Call Ratio of Index Options reduced to 1.01 as against 1.06 on the previous day.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.

TURNING POINTS FOR 02.07.2010

NIFTY FUTURE 30 MIN / NIFTY FUTURE EOD

NIFTY FUTURE :

In today's trading, Nifty future opened weak and moved in a narrow range of 5275 and 5231. Important point to note is that it has not broken yesterday's low of 5225 (which itself is an important level for the year, being opening rate of 1.1.2010).

AsUS markets continue to remain weak, this could affect the sentiment here and we may see lower levels. However, fresh short position should be taken only below 5225 with stop loss of 5265. On the down side, it will find support at 5200 and 5155. Close below 5200 will make the market weak as it would have broken the trend line shown on the EOD chart. Next major support will be 5075.

Fresh long position should be taken above 5300 with stop loss of 5275.

Put Call Ratio of Index Option remained unchanged at 1.06.

Please do not trade without STOP LOSS.

With Best Wishes,

Ketan Asher.