Nifty Futures Crucial Support Level 4225 (Closing) for maintaining the Uptrend
Though Nifty Futures touched the high of 4315 on intraday basis, weekly close was below the resistance level of 4300 at 4286*. Unless Nifty Futures closes above 4300, a consolidation phase is expected to continue where 50% retracement level 4225 is crucial support for continuing the ongoing uptrend. The upward breakout of Nifty Futures above 4300 will see a testing of 4400 levels. As RSI is in extremely overbought zone, use of stop loss and trailing stop loss is recommended strictly on trading positions. The weekly close at 4286 is 26 points above than previous week’s close of 4260 but a ‘Doji’ structure is indicating a caution signal.
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Investment buys Infosys , Tcs, Tech Mahindra & other IT stocks
Focus to shift from large cap stocks to small & mid caps stocks.
Use rallies to book profits in markets , stock specific activity to continue & use strict stop losses to your trades.
Asian paints after we posted tht its gng to come in F & O stocks bouncing & wil create new highs
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