On last Friday, Nifty Future made a new top @ 4643.75, but immediately gave up the gains to close at 4592.35. The fact the Nifty future broke out on the upside, after a prior 3 days of sideways movement, but could not go above the 4655 level, indicates fatigue and likelyhood of a correction. For today, long position should be avoided and short postion should be taken below 4550 with a stop of 4575. Below 4510 market will weaken further. in the envent of a fall, 4350 should be consided as a major support.Reliance Future will weaken further if it goes below the Trend Line and below its Friday low.
For Infosys Future, 1730 may be considered as target for liquidating long position and taking up short position with 1751 as stop lloss. Infosys will weaken below 1645.
Please do not trade without Stop Loss.
Happy Trading,
Ketan Asher.
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