Nifty Futures Intraday Trading Report February 28, 2011

This was supposed to be good day for me. However, it ended with a disastrous note.

Initially, everything was going according to my plans. I shorted the contract in between 5340 and 5350. Target lay in between 5270 and 5280. By 11am, the budgetary report began to increase the enthusiasm among the traders. Nifty futures began to surge and touched my stoploss (which was conveniently placed in between 5370 and 5380). This region was also the breakout region.

The contract began to alternately touch the breakout and shorting region (5340 – 5350). It occurred precisely more than three times in a succession. I follow a rule of thumb – three losses in a row and I am out of the game.

Needless to state, I stopped trading. Took a valuation of the losses incurred – the amounts run high. 😦

The contract soared past the breakout region and even touched 5490 levels before retracting back to my shorting region. What can I state? Look at the daily chart of nifty to understand how the market behaved on this day.


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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