Yesterday market has broken a Trend Line (Brown colour on the chart) which is the first indication of weakness, in the rise we have witnessed since election results. However, the bulls will continue show strength till Nifty Future remains above the main Trend Line (Red colour on the cahrt) drawn from starting point of this rally 2525.25. Incidentally, this trend line is very close to being the 45 degree angle line from that point and hence will have major significance for indication of the trend change.

For today all short positions should carry stop loss of 4571. Below 4540 market will remain weak. Weakness will acclerate below 4500. In the event of Nifty Future goes down to 4350-4375 range it should be bought.

RELIANCE FUTURE: Reliance continues to remain weak and below 2100, it can go upto 1980-2000, which will be a good level from which bounce of Rs. 100-150 can be expected.

INFOSYS FUTURE: For last two days it has been showing good buying at 1690 levels. It can be bought if it goes above yesterday's High of 1740, with a stop loss of 1720 and a target of 1780.
Happy Trading,

Ketan Asher.