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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: