Considering the Friday close of Nifty Future, Reliance and Infosys market can be expected to open strong.
Fresh Nifty purchase should be considered above 4390 with a stop loss of 4359 and target of 4430-4450. Above this 4480-4495 can be a big hurdle.
Reliance Future can be bought above 2050 with stop loss of 2030 and target of 2070 and 2100 and 2150.
Infosys future is heading for 1884 and fresh buying should be avoided.
Next week will be a week prior to THE BUDGET and therefore higher level of volatility can be expected and hence it is advisable to keep tight stop loss.
Though unrelated, I would like to mention that DOW below 8200 can puncture our pre budget enthusiasm and hence calls for cautious approach.
Do trade carefully.
Happy Trading,
Ketan Asher.
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