Yesterday's fall can be attributed as nervous reaction on the FNO settlement day, due to lack of conviction on the part of market participants to roll over long positions at current levels ahead of budget, just a week later. At this levels, I would consider the odds in favor of market rising from here, and hence it is better to buy at lower levels, as long as it remains above 4100.
Nifty Future can be bought at the opening with stop loss of 4190, with 4350 as the first target. As you will see on the attached chart, 4360 region has been hurdle for past 3 occasions (see Red Trend Line) and hence breaking of the same now becomes very important. Above this level 4385 and 4430 will be the hurdles for Nifty Future.
RELIANCE FUTURE: Buying can be considered in reliance at the opening with previuos low of 1900 as the stop loss. First target could be considered as 2000 and break of 2030 could bring further strength and also help Nifty future cross 4360 levels.
INFOSYS FUTURE: Infosys can be sold below 1735 as it will break a Trend Line as shown in the attached chafrt. Stop Loss of 1770 should be kept.
Please do not forget to use Stop Loss.
Happy Trading,
Ketan Asher.
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