Yesterday, Nifty Future did open with a GAP as expected, but could not sustain the gains. During the day it went lower than the previuos day, and also closed lower than the previous day, both suggesting weakness.4510 should be considered stop loss for long position and when market goes below this, a trader can even go short, with day's high till than as stop loss.
Reliance continues to be below 2325 and will remain weak till then. Once below days' open it can be sold with stop loss of 2325. Buy should be considered only above 2325, with 2300 as stop loss.
Infosys seems to be in a much better position than Reliance. It can be sold once below days' open, with a stop loss just above yesterday's High (1692).
It will be better to book profits at this levels and also new buying should be avoided, as further Teji can be seen only above 4655 levels as indicated in the chart. When this happens, the markets will get in to a new range - which in my view will/should happen only after the Budget, that too if it is a 'Dreamwala Budget', otherwise Newton's law will immediately apply.
Happy Trading,
Ketan Asher.
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