Nifty Futures Intraday Trading Report May 16, 2011

Ever had one of those days when nothing seems to work?

This was one such day.

As usual, the day started off with me watching the price action of the nifty futures contract. 5518 seemed like a good point to go long. After playing a few minutes above 5518 (it even touched 5530 levels at one point of time), the value began to fall. I had placed a stop loss at 5508, which got triggered eventually.

By this time, the contract entered the second trading frame for the day – going long at 5488.30 seemed wise. I waited until the contract touched that point; the trade got squared off at the same level.

A non productive beginning to yet another week of day trading.

Afterthoughts: Strong bearishness prevailed during the entire day. The contract opened below the last trading day’s closing price. Some of the reasons for the bearishness included the recent hike in the petrol prices in India and the evergreen 2G scam.


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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