In today's trading, Nifty Future managed to close :
1. Above the Trend Line
2. Out of the Wedge, that is being shown on the charts for past few days.
3. Throughout the day breadth of the market remained positive.
4. Close was near the higher end of the day.
The above situation certainly augurs well for the market, but for the weak oscillators not giving the desired upward thrust.
From the day's closing it can be assumed that market should open with upward bias tomorrow. On upside Nifty future will find resistance at 4345, 4385 and 4440. Buying Nifty can be considered at the open with stop loss of 4270. One can even go short below this level with first target as 4235. In this case stop loss of 4302 must be kept.
RELIANCE FUTURE: It did not perform in line wtih the strength it showed yesterday when it bounced from the lower levels. Buying may be considered at the opening, with 1975 as stop loss. It will show strenght only above 2055 and will find resistance at 2100 and 2140.
INFOSYS FUTURE: Should be considered for buying only above 1781, with stop loss of 1759 and target of 1810 and 1840.
Tomorrow being the last day for FNO settlement, market could remian volatile. I would also like to add that oscillators are still showing weakness and may not support one way upmove. Nifty future can go upto 4500 and commence downtrend. Looking at the market for past couple of days this possibility can not be ruled out and trades should be protected with stop loss.
Happy Trading,
Ketan Asher.
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