Yesterday Nifty future closed at the higher end of the day and that coupled with good rise in US markets, makes it a possible scenario that we will have a gap open. It would be interesting to see if market is able to sustain and close above 4655 - trend line shown in the attached chart. This would further tighten the Bull grip and take market into a new range.For Nifty future long position, 4510 should be considered as a stop loss.
As regards Reliance Future, it can be bought above 2325 with a stop loss of 2300 and first target of 2385.
Infosys future will have resistance around 1700 and long position should hve stop loss of 1640.
It is such a pradox that when GM - an ikon of American Industrialisation is about to file for Bankruptcy, the markets all over are exuberant.
As is being said for the past few days, that as long as Nifty futre remains above the trend line, think TEJI, but also remember to book profits.
Happy Trading,
Ketan Asher.
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