I have put a special posting on NIFTY FUTURE - WHAT NEXT? on Saturday, 10.7.09. Please read it to get overall perspective of the market.
On last Friday, Nifty future fell in the last 1 hour and made a low of 3962 and closed at 3993. While the close of Friday and that for the week indicate bearishness, it is not advisable going short at this level, since Nifty Future may take support at the Trend Line shown in the chart and 3978 is also 33.33 % retracement level. It is advisable to buy Nifty future only after it stabilises above the opening level and is also above 3962 (Friday's low), with stop loss of the day's low or 3930. On upperside 4000, 4065 and 4130 will be resistance levels.
RELIANCE FUTURE:
Reliance has made a low 1752 which is 50% level and is an importanct support level. Please do not short at this level, instead wait for the opening market to stabilise and buy when price is above opening price as well as above 1752 (low on Friday) with stop loss of low of the day. On higher side 1800 will be a big hurdle and thereafter 1850 and 1875 will be resistance levels for the day.
INFOSYS FUTURE:
For Infosys, 1660 is the major support level and it can be bought near this level with stop loss of 1640. On higher side 1715 and 1730 will act as resistance levels.
I have advised the above buy levels when Nifty is looking bearish and hence it is advisable to use strict stop loss levels. In case of Reliance, it is better to buy for delivery, so that intra day risk is avoided.
With best Wishes,
Ketan Asher.
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