Last week Nifty Future closed with a doji which indicates tiredness at higher levels. I have once again posted weekly chart for ready reference. The chart indicates multiplicity of hurdles in the form of Trend Line and the main one being 4766 - .618 level of 6336 and 2228. The speed with which market came down from High of 4703 does indicate weakness at higher levels, but trend change can only be confirmed once market trades below 4540. For today above 4635 should be considered bullish with stop loss just below 4590.RELAINCE FUTURE: On Friday Reliance helped to minimise the impact of the last one hour fall. Above Friday's high of 2383 it can try to acheive 2401 and 2425. Below 2330 it will turn weak and go down upto 2275.
INFOSYS FUTURE: Infosys remained weak on Friday and weakness will accelerate below 1700 and can go upto 1650. Infosys will gain strength above 1780.
Expect today to be a wide range day.
Do not trade without Stop Loss.
Happy Trading,
Ketan Asher.
No comments:
Post a Comment