Yesterday, Nifty Future made a new low of 4033 but on higher side could not go above 4121- low of the budget day. Today's market action will be guided by Infosys results.
It is advisable to create new long position only above 4122 with stop loss of 4085. Alternatively, if the market opens on lower side we can buy at 4000 levels, with stop loss of 3975. On higher side above 4122, it will find resistance at 4160 and major hurdle at 4200. At this level we can even short Nifty future with stop loss of 4230.
RELIANCE FUTURE: The positive for this stock yesterday was that though Nifty Future made a new low, this stock did not make a new low. We can buy at the open with stop loss below yesterday's low of 1840. It will find resistance at 1910 and 1960. It is advisable not to go short at these levels.
INFOSYS FUTURE: Yesterday, Infosys has taken support at the 50% level of 1665. Though it is a good support level, its price will be guided today by the Quarterly results it will declare today. in view of the same, it is better to buy depending on the results and the stop loss of 1650. On higher side, 1700, 1730 and 1750 will act as resistance levels.
Please make sure to use stop loss levels.
Have a nice day.
Ketan Asher.
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