Yesterday, Nifty future went lower than the previous day - took support @ Sq of 9 number 4456 and then had a smart recovery to cross previous day's high and also end the day near the high. As being mentioned for the past few days, till such time Nifty goes below the Trend Line, such spurts should be considered to be normal. With US markets closing firm, Nifty futures may try to touch the level of 4650 today. The RSI indicator (shown in the attached chart) does not suggest that the market will cross the level of 4655 in this round. With budget day being 3.7.09, it leaves enough time for the market to see a healthy correction - say upto 3950 -4000 range.Long positions in Nifty Future will continue to have stop loss as 4510.
Reliance was one of the weakest counters and accordingly it fell to take support on the Trend Line shown in the attached chart. Long positions in Reliance will have stop loss of 2250, and it will gain strngth only above 2325.
Infosys can be bough above 1645, with stop loss of 1615 and for target of 1700.
Please do not trade without STOP LOSS.
Happy Trading.
Ketan Asher.
No comments:
Post a Comment