Nifty Futures Intraday Trading Report May 20, 2011


Not one of my good days. The day was marred with confusion (yea, I am still learning). There was this important level 5469 which had acted as a major resistance throughout the last few trading sessions. However today it got breached just like hot knife through butter.

According to the trading system that I follow, when a resistance point gets broken in a convincing manner, the same level becomes a support point. So I went long above 5469. However after a few minutes of staying above this band, the price began to fall. Negative news flow regarding ONGC helped in this cause.

Once the price was below 5469, I shorted thinking that the same support level became resistance. This was a major shortcoming on my part because the market crossed the 5469 level in a convincing manner – eventually. The result? I got badly whip lashed. Once again i went long keeping 5547 as my target. By the time the contract touched 5520 levels, another negative news began to come – the bail was denied to Kanimozhi (with regards to the 2G spectrum case). As soon as the news came, the contract began falling like a stone. Absolutely no support or buying pressure was present and once again the contract came to rest just above 5469 – where I had gone long. 😦

The situation was something the same on the currency markets too. The EUR/USD pair fell badly; I could have shorted and sat back while counting the profits.

Something is not alright. Even though I have access to some of the best tools required for day trading, I am still finding it tough to connect the dots. Maybe it is due to lack of training. Everyday I wake up and boot up my trading terminal with high hopes and expectations. However, ironically, most of the days end up with me going to bed disappointed with my performance levels.

I hope the next week will be more fruitful than this.

Have a great weekend.

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One Response to Nifty Futures Intraday Trading Report May 20, 2011

  1. Deepak says:

    Lot of global tensions is going on at this time. Japan is expected to pull out its money from the global market as they want to revamp their country now. In current scenario anything can happen. Share market Investors are advised not to panic and stay invested only safe traders and Stock Tips investors should exit their long positions on every high and one can use every decline as an opportunity to enter market again.

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