Nifty Futures Intraday Trading Report March 16, 2011


Initially, I shorted the contract in between 5490 and 5500 because it was displaying signs of weakness during the first hour. However, the tide turned against me. Had to exit the position in between 5510 and 5520.

Once again, I entered the position long in between 5510 and 5520. After touching 5550 levels, the value began to fall. The trade was squared off by the system in between 5525 and 5535.

Afterthoughts:

Everything was moving according to the plans. By the time the contract had touched 5550 levels, it was confirmed that we had officially entered the breakout zone. The contract had to touch 5585 or 5600 levels today. But then, mass scale panic backed up by heavy selling pressure took hold of the contract’s value.

The reasons for panic (as learn’t from reputed forums) include (1) Heavy aftershocks in Japan (2) Former telecom minister A Raja’s close aide’s death and many more.

As a side note, I am surprised at the huge gaps in between the previous closing and today’s opening price. In fact, I have been noticing this since some weeks.

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