Nifty Future declined to the expected levels. From these levels it can see a bounce. Tomorrow, once the market goes above its opening level, Nifty future can be bought with today's low or new low (in case) formed in the morning as stop loss. Please note that this should be considered as the first leg of the correction. We are about 20 days away from the Budget Day and this period can be a time for the market to correct itself. Those who are statistically oriented may find it interesting to read my notings on the Nifty Future chart attached herewith. Nifty future will find hurdle at 4390 and 4430. Trend can be considered bullish only if NFuture goes above 4515. RELIANCE FUTURE: Reliance corrected significantly as it has broken the trend line drawn from the lower levels (indicated on the chart). As is being mentioned, around 1980-2000 levels it can be bought for the first target of 2100 -2140-2170 levels. Short position in Reliance should be squared off at these levels. Please note the effect of Trend Line Break. We have to see similar effect on Nifty Future as and when the Trend Line is broken.
INFOSYS FUTURE: Infosys was considerably firm in todays market and the candlesticks for the past 4 days indicate buying at lower levels. it can be considered for buying above 1730 for the target of 1760 and 1780. Will it lead the market for the next few days? Well it does look like that - more so as Reliance is relatively weak.
Please Do NOT TRADE WITHOUT STOP LOSS.
Thanks,
Ketan Asher.
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