Nifty Futures Trading Report – February 3, 2011

Trade 1: Bought at 5432. Sold at 5472.

Trade 2: Shorted at 5521. Target is still the same (5472).

Update: The second trade was a loss – the system squared off at 5532. But then the overall day ended with profits ..

The day did not proceed as envisaged (especially the later half). After hitting 5527, the price started moving in a downward fashion towards 5510 – 5520 levels. Bear in mind that 5527 is a major resistance point followed by 5547. However, there was strong buying pressure from the bulls (probably because they lost heftily throughout these weeks). By afternoon, the news about rising food inflation broke out – I thought the bears may take charge of the market. It seems the traders casually gulped down this distasteful information and bought back in large numbers. The high price achieved was in the 5540 – 5550 range.


About Praveen Pious Francis
A part-time blogger who has a wide range of interests including investing in the stock markets across the globe and broadband technologies in India.

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