Today (23.6.2009) Nifty future and many front line stocks opened weak but did show improvement by end of the day. However, the close could not be decisively above the trend line and hence leaving a shade of doubt about tomorrow's market movement. Fresh buying in Nifty future should be done only above 4281, with stop loss below 4255. It can face resistance @ 4345, 4385 and 4450.
4190 should be used as stop loss for long positions as it will indicate that Nifty is likely to go down further. One can even consider going short at this level with stop loss of 4230. Moreover, long positions in individaual stock should also be closely monitored and suitable stop loss should be placed.
RELIANCE FUTURE: Todays' candle of Reliance is a typical Piercing Pattern and giv es hopes that the market will see levels above 4281 tomorrow. Once the market settles down after opening, Reliance can be considered for fresh buying around 2000 levels with stop loss below 1975. At higher levels Reliance will find resistance at 2060, 2100 and 2150 levels.
INFOSYS FUTURE: Considering today's price action in Infosys, it is advisable to buy it only above 1771 with stop loss of 1745. Fresh selling can be considered only below today's low of 1709 with stop loss of 1730.
Please do not trade without stop loss.
Happy Trading,
Ketan Asher
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