Nifty future was unable to go above 4340, and gave up almost 100 points from the high of 4328 for the day.
As the US markets are down the market may open weak, but around 4100 would offer good trading opportunity on Buy side as today being the last day of the week, if market has to close below 4050 it will give a very bearish signal on the weekly chart. As indicated in the attached chart, Nifty Future can not be considered weak till it remains above the Trend Line drawn in Brown. On the upper side, above 4220 market will show strength, with target of 4270 and 4330.
In case of Reliance it can go up to 2000 if it goes below 2100.
In case of Infosys below 1495, it will find good support @ 1470.
Investors who have sold at higher levels may find these levels attractive to buy with trading objective.
Happy Trading.
Ketan Asher.
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