Yesterday Nifty future closed much lower than the target but within the 4300 range. You will observe from the attached chart that it has taken support on the Trend Line. Yesterday's close was quite weak and it suggests weak opening for today. In case market goes above 4325, we can buy Nifty Future with stop loss of 4290. In case the market breaks yesterday's low it will get support at 4200. At that level one can buy Nifty Future with stop loss of 4175. It is not advisable to go short on Nifty future at this level. It will find resistance at 4350 and 4400.
RELIANCE FUTURE: One can buy Reliance Future in the 2010-20 range in the opening trades with stop loss of 1975. It has support around 1980. Resistance on higher side will be 2045, 2060 and 2100.
INFOSYS FUTURE: It is better to avoid buying Infosys at this juncture.
Considering the weak close yesterday, it will be better to watch the market for the first half an hour and once you find that market is stabilising, you can consider buy trades with the help of above points.
Trade with stop loss. Such a choppy market is a paradise if you are on the right side of the market and a nightmare if you are on the wrong side. Hope this blog is helping you to be on the right side of the market.
With Best Wishes,
Ketan Asher.
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