As anticipated, Nifty Future encountered resistance at 4447, and closed the day at 4390 near the open and has formed a doji. 4430 is the mid-point of 4703 & 4155 and hence it has acted as reistance for the first time.
Tomorrow it may do another attempt to break the level of 4450. In case it can not cross this level, one can go short with stop loss of 4460 and target of 4331. At higher levels 4480-4490 will act as bigger hurdle. Considering that there are 4 trading days to the budget, market may move in the range 4300 - 4500.
RELIANCE FUTURE : It decisively went upto 2120 but closed lower at 2092. Buying should be avoided tomorrow, as it can come down upto 2030 levels. On upper levels it will find resistance at 2150.
INFOSYS FUTURE: Infosys came down relatively more than the other heavy weights and looks weak. It can be sold around 1800-1810 in the early trades with stop loss of 1830 and target of 1750 and 1730.
Tomorrow is an important day as it is the last trading day for the formation of monthly candle.
Close below 4511 will give first indication of the rally getting tired after 3 months and about 86% upmove.
Please keep STOP LOSS while trading.
Happy Trading,
Ketan Asher.
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